Analysis carried out by Timetric’s Construction Intelligence Centre (CIC) suggests that the rate of growth for the global construction market is accelerating, rising from an annual average of 2.7% in 2011 – 2013 to 3.1% in 2014, with a forecast of 3.8% for this year.
Based on the CIC’s Global 50, the 50 largest and most influential construction markets worldwide, the global industry is expected to grow from US$7.4 trillion in 2010 to US$8.5 trillion this year. Based on constant 2010 prices and exchange rates, around US$10.3 trillion is projected for 2020.
Generally, emerging markets are forecast to experience a higher pace of growth than advanced economies. Between 2016 and 2020, combined advanced economies are expected to grow by an annual average of 2.2%, while emerging markets are likely to demonstrate average growth of 5.3% a year. Construction markets in the Middle East and Africa are expected to overtake Asia-Pacific markets in terms of fastest rate of expansion in 2016 – 2010.
“This expansion provides huge opportunities to those investing and operating in the industry as well as those supplying goods and services to it. However, the expansion is neither uniform across the world nor within regions, and risks and challenges abound,” explained Danny Richards, Lead Economist at CIC.
Adapted from press release by Louise Fordham
Read the article online at: https://www.worldcement.com/africa-middle-east/17022015/timetric-cic-outlines-construction-market-growth-forecasts-350/