Steel Framing in the US - Market Research Report

Good bones: Persistence in interest rate increases parallel to a decline in the price of steel is expected to stymie industry performance

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.

The Steel Framing industry fabricates and erects structural parts made from steel or precast concrete, which are vital in the construction of building structures, exteriors, metal storage tanks and other infrastructure projects. The market for steel erection services only includes work that can be distinctly contracted out as a component of construction rather than general construction services. Profit remained stable at the onset of the five-year period to 2023; however, the pandemic has roiled demand for industry services and has caused industry profit to dip in line with a depleted nonresidential construction market. Overall, industry revenue exhibited strong growth of an annualized 2.7% over the past five years, including an increase of 0.6% in 2023 to reach $25.7 billion. This industry comprises contractors that install steel and precast concrete to produce structural elements, building exteriors and elevator fronts. The industry also includes the installation of other steel products (e.g. setting rods, bars, rebar, mesh and cages) to reinforce poured-in-place concrete, cooling towers and metal storage tanks. The structural steel erection work performed includes new work, additions, alterations, reconstruction, maintenance and repairs.