According to a recent study conducted on behalf of the Brookings Institute, most of the space built between 2000 and 2030 will be residential, In fact by 2030, more than 100 billion square feet of new residential space, most of it single-family homes, will be needed.
Overall, most of the new growth will occur in the South and West. Fast growing Southern and Western states such as Florida and Nevada will see the most dramatic growth. Metropolitan areas like Austin, Texas, and Raleigh, N.C., also should prepare for a wealth of new construction.
These projections demonstrate that nearly half of what will be the built environment in 2030 doesn’t yet exist, giving the current generation of contractors an opportunity to shape future development.