- 13th November 2015
Global construction market to grow by 85 per cent
The global construction market is set to grow by 85 per cent to 15.5 trillion dollars by 2030.
A recent report from industry analysts Global Construction Perspectives and Oxford Economics predicts that the global construction market will grow by 85% up to $15.5 trillion worldwide by 2030, with China, US and India leading the way and accounting for 57% of all global growth.
Graham Robinson, Executive Director at Global Construction Perspectives, stated that although China currently has the largest share of the world construction market, it will increase “only marginally” as growth slows down. The country is even set for its first ever decline in housing output this year. In comparison, the US will grow somewhat faster than China over the next 15 years, with an impressive average of 5% growth per annum.
Meanwhile, India are also set to see a surge in construction rates as it overtakes Japan to become the world’s largest construction market in 2021. India’s growth will in fact account for 17% of all global growth with a market reaching $1.5 trillion. The country also has the largest housing needs globally with a total of 170 million new homes required by 2030.
Although Europe is not expected to recover until 2025 from its ‘lost decade’, it is good news for the UK, which is forecast to become Europe’s “stand-out growth market” and overtake Germany to become the world’s sixth largest construction market by 2030.
This new report says that the top eight global construction markets, China, US, India, Indonesia, UK, Mexico, Canada and Nigeria, will account for 70% of global growth in construction.
Fernando A. Gonzaelez, Chief Executive of global building materials company CEMEX explained that “construction is likely to be one of the most dynamic industrial sectors in the next fifteen years and is utterly crucial to the evolution of prosperous societies around the world. The numbers within this report are huge and that translates as creating vast numbers of new jobs and creating significant wealth for certain countries across the globe.”
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