2014-02-17 23:48:01 - Masonry in the US - Industry Market Research Report - a new market research report on companiesandmarkets.com
The United States masonry market is fragmented, with many small-scale, geographically dispersed contractors. The skilled services performed by this industry include brick and block laying; pointing, tuck pointing, cleaning and caulking masonry; building foundations using masonry products; and working with granite, marble and slate. This industry generates 45.0% of its annual revenue from residential construction work, which includes brickwork on exterior wall sidings and pavement. Another 32.0% of industry revenue is generated from the laying of masonry and dimension stone on walls, facades and foyers in offices, retail stores and other commercial buildings. The remaining balance comes from schools, hospitals and other municipal construction projects, and from non-building construction work, such as fences, dams and reservoirs. Industry revenue is expected
to increase 7.1% in 2013 to $24.0 billion.
The recovery in demand for masonry and bricklaying services in the residential construction market is expected to gather momentum during the year, and help offset slower growth in demand from commercial builders, particularly office building developers, which are dealing with high vacancy rates.
Even with an increase over the current year, industry revenue has fallen at an estimated average annual rate of 3.4% over the five years to 2013. Demand for bricklaying and masonry services in the residential construction market collapsed during the recession, with the number of housing starts falling at double-digit rates in 2008 and 2009. Over the same period, the value of private nonresidential construction and residential construction also experienced significant drops.
Looking ahead, a strong recovery in the residential and commercial building markets will positively affect industry performance. Over the five years to 2018, revenue is forecast to increase at an annualized rate of 7.1% to $33.8 billion, only marginally higher than levels prior to the recession. During this time, competitive pressures will ease and profit margins will widen. Moreover, demand for masonry services will increase as housing starts and the value of nonresidential construction continue to trend upwards. Profit, as measured by earnings before interest and taxes, is projected to grow from 5.0% of industry revenue in 2013 to 5.5% in 2018.
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