NEW YORK, Dec. 13, 2016 /PRNewswire/ -- The industry is anticipated to grow an annualized 9.0% to $2.9 billion in revenue over the five years to 2016. Much of this growth is the result of uncharacteristically high growth in 2013 and 2014.
For the full report, visit IBISWorld's Sports & Athletic Field Construction in the U.S. industry report page.
Universities and colleges are currently the largest market for the industry, since endowments and donations from alumni enable their sports programs to afford the industry's products and services. Meanwhile, local municipalities have lowered their total construction spending to stay within smaller parks and recreations budgets, thereby reducing the industry's success among public institutions and primary education. According to IBISWorld Industry Analyst Nick Petrillo, "Favorable macroeconomic trends have relaxed budgetary constraints and have encouraged greater private sector involvement in field construction." This segment will likely continue to trail the rapid revenue growth generated from postsecondary education.
The industry is anticipated to enter a period of sustained growth over the next five years. Construction projects are expected to revive across the industry's downstream markets and demand for the installation and maintenance of sports and athletic fields will improve. The installation of new artificial turf is also expected to increase in popularity among western and southern states. Industry revenue is forecast to grow over the five years to 2021.
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