Global Construction Market to Grow Nearly 70 Percent by 2020, Report Says
The global construction market will grow from $7.5 trillion in 2008 at 2008 prices to about $12.7 trillion in 2020 at 2008 prices, according to a study by Global Construction Perspectives and Oxford Economics.
The study predicted that developed countries will lag emerging countries with zero growth in 2010, but growth in developed countries will accelerate by 4.4 percent in 2011. It expects construction markets in the United States, the United Kingdom, Canada and Australia to rebound more quickly than other developed countries.
Between now and 2020, major emerging markets such as India and China will see much higher levels of growth than developed countries, and China will overtake the U.S. as the world’s largest construction market by 2018. Growth in construction output in India will accelerate faster than in China up to 2020, but the forecast predicts growth in GDP to be higher in China.
Over the next decade, growth in construction output in emerging markets will be more than three times that of developed countries.
The study Global Construction 2020 was sponsored by Cemex, Holcim, Lafarge and Orascom Construction Industries. For more information or to purchase the study, go to www.globalconstruction2020.com.