Global Construction Outlook is forecast to rise to US$12.4 trillion in 2022

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Synopsis

This report provides a detailed analysis of the prospects for the global construction industry up to 2022.

Summary

The Construction Intelligence Center (CIC) has revised upwards its forecast for growth in the global construction industry. In line with improved performance in some major markets and a brighter outlook for the global economy, the CIC now expects the pace of expansion in the global construction industry to average 3.7% a year over the forecast period (2018–2022), compared with 3.6% in the December 2017 forecast update. In real value terms (measured at constant 2017 prices and US$ exchange rates), global construction output is forecast to rise to US$12.4 trillion in 2022 from US$10.4 trillion in 2017.

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The global economy will continue to post healthy rates of growth in 2018–2019, and investor confidence will remain buoyant. The expected tightening in monetary policy in major markets in 2018 will start to push up the cost of borrowing, but with interest rates generally at or near historical lows, this tightening process is not expected to have a major impact on construction activity during the early part of the forecast period. Construction output growth will slow in the latter part of the forecast period, reflecting trends in some of the largest markets, notably China and the US

Scope

An overview of the outlook for the global construction industry to 2022
Analysis of the outlook for the construction industry in major global regions: North America, Latin America, Western Europe, Eastern Europe, South and South-East Asia, North-East Asia, Australasia, the Middle East and North Africa, and Sub-Saharan Africa.
A comprehensive benchmarking of 83 leading construction markets according to construction market value and growth
Analysis of the latest data on construction output trends in key markets.

Reasons To Buy

Evaluate regional construction trends from insight on output values and forecast data to 2022. Identify the fastest growers to enable assessment and targeting of commercial opportunities in the markets best suited to strategic focus.
Identify the drivers in the global construction market and consider growth in emerging and developed economies. Formulate plans on where and how to engage with the market while minimizing any negative impact on revenues.

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Key Highlights

The faster pace of growth in global construction output in 2018 is being driven primarily by the pickup in advanced economies, with growth in these markets combined rising to 2.7% over the year. This is primarily due to the improvement expected in construction output in the US, following a sluggish outturn in 2017.
Although growth in emerging markets will remain in excess of that in advanced economies over the forecast period, there will be a steady slowdown in growth in construction spending in emerging markets – primarily reflecting trends in China, which has the largest construction market in the world.
The Asia-Pacific region will continue to account for the largest share of the global construction industry, given that it includes the large markets of China, Japan and India. The pace of growth will slow, however, given the projected slowdown in China’s construction industry.
Construction activity is gathering momentum across Western Europe. The region’s output will expand by 2.5% a year on average in 2018–2022, improving on the sluggish growth of 1.3% in 2013–2017.
Sub-Saharan Africa will be the fastest growing region in 2018–2022, with rapid expansion in Ethiopia’s infrastructure development, with a number of other countries in Eastern Africa experiencing high rates of growth. Nigeria’s recovery will also help to drive up construction activity in Sub-Saharan Africa, but South Africa will continue to struggle to generate growth momentum.

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