Global construction market to reach $15 trl by 2025
A new report released today forecasts the volume of construction output will grow by more than 70% to $15 trillion worldwide by 2025.
The benchmark global study – the third in a series from Global Construction Perspectives and Oxford Economics – shows the meteoric growth, which outpaces that of global GDP, will be concentrated in three countries: China, the US and India.
China overtook the US to become the world's largest construction market in 2010, and is expected to increase its global share from 18% today to 26% in 2025, despite an expected slowdown.
Significant opportunities have arisen for a new generation of 'Asian Tigers'. Indonesia, Vietnam and the Philippines are becoming increasingly attractive for export-oriented manufacturing and represent a $350 billion construction market growing at more than 6% annually.
India will overtake Japan as the third-largest construction market with annual growth averaging 7.4% annually in construction expected to exceed that of China.
The construction market in Western Europe is expected to be almost 5% smaller in 2025 than its pre-recession peak in 2007, whilst North America is forecast to be almost 40% larger.
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