Market Trends of North America Building and Construction Sheets Industry
Demand for Construction Sheets Increasing in the US Residential Sector
Spending on public residential construction in the United States increased significantly between 2002 and 2022. The public sector spent nearly USD 9.3 billion on residential construction projects in 2021, a slight decrease from 2020. The biggest year-on-year increase occurred in 2020 when public residential spending reached USD 9.5 billion, a record high. The total value of residential construction completed in the United States is expected to continue to grow over the next few years. Due to the increase in the construction of residential property roofing, the industry has grown in the last few years.
Increasing Usage of Asphalt Roofing in the Canadian Construction Industry
Canadian construction is booming in both residential and non-residential construction in 2023. The government of Canada and the government of Yukon are investing USD 8.32 million to construct at least nine new low-cost dwellings in the city and to support significant renovations and improvements to a transitional home for women called Kaushee’s Place, located near downtown Whitehorse.
The Rapid Housing Initiative (RHI) is set to be extended for a second two-year period, beginning in the 2022-23 budget year. Budget 2022 proposes USD 1,5 billion to support the extension of the RHI, with the aim of creating a minimum of 6,000 units of affordable housing. At least 25% of the new funding will be earmarked for women-centered housing projects.
To support affordable housing construction across the country, Canadian financial services provider BMO Financial Group announced a commitment of CAD 12 billion (USD 9.4 billion) to support affordable housing projects across Canada until 2030. Additionally, the long-term output in the Canadian construction industry will also be supported by the government's plan (announced in February 2021) to invest CAD 14.9 billion (USD 12 billion) in public transport projects over the next eight years.
