Paving Contractors in the US - Industry Market Research Report

Hit the Blacktop: the Rising Level of Disposable Income Has Provided An Accommodative Borrowing Environment

Paving Contractors focus on paving driveways and parking areas for commercial and residential customers. The industry has recently benefited from broad economic improvements, including rising per capita disposable income and relatively low unemployment. Due to the pandemic, nonresidential construction activity was disrupted amid health and safety restrictions. Simultaneously residential construction flourished during this same period as homeowners took advantage of the time to conduct home improvement. This dynamic has been partially reversed as of late, as high interest rates have dissuaded investment in residential construction, while nonresidential construction has experienced a resurgence. Paving Contractors industry revenue fell at a CAGR 0.8% to $25.5 billion, with a decrease of 1.3% in 2023, as profit reached 6.4%.

This industry comprises establishments that specialize in paving residential and commercial driveways and parking areas. Establishments in this industry typically use asphalt, concrete or brick when performing their paving services. Excluded from this industry are operators that pave streets and highways; these services are part of the Road and Highway Construction industry (IBISWorld report 23731a).

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.