Future of Construction gives forecasts for global construction to 2030 as well as perspectives on climate related challenges for the construction industry.
Global construction output in 2020 was US$10.7 trillion (in 2017 prices and exchange rates) and we expect this to grow by 42% or US$4.5 trillion between 2020 and 2030 to reach US$15.2 trillion. The Global Construction industry is set to be a global engine for economic growth and recovery from COVID.
Shorter term, global construction output is expected to reach US$13.3 trillion by 2025 – adding US$2.6 trillion to output in the five years from 2020.
Asia Pacific will account for US$2.5 trillion of growth in construction output between 2020 and 2030, up by over 50% to become a US$7.4 trillion market by 2030.
Construction output in North America will grow by 32%, or US$580 billion from 2020 to 2030, to US$2.4 trillion in 2030.
Western Europe is forecast to grow by 23% between 2020 and 2030 and is expected to push up construction output to US$2.5 trillion in 2030.
Average annual growth in construction of 3.6% per annum over the decade to 2030 will be higher than manufacturing or services.
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