The US construction market is still only a fraction of what it used to be before the recession, but it is helping to lead a global construction renaissance. 

According to a new report out Tuesday from a team at Global Construction Perspectives and Oxford Economics, the Asian economy is cooling off as the U.S. is picking up the pace. The report suggests the U.S. will outpace China in construction activity in just 15 years.

Tuesday's report suggests there are clearer skies ahead for the sector, and recent industry-specific data releases suggest American construction has already turned a corner.

A report released last month by the 
Associated Builders and Contractors industry analysis group found that construction unemployment rates declined in 48 states over the past year – the exceptions being West Virginia (whose unemployment rate climbed 1.4 percent) and North Dakota (whose unemployment rate was flat, though the state in September boasted the best construction unemployment rate in the country at 1.6 percent).
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