Global construction volume will grow 1.2 percent this year and 3 percent on average annually for the rest of the decade, London-based Global Construction Perspectives forecast in a report released Jan. 23.
Forecast growth is based on last year’s 0.9% rise to $13.7 trillion after falling 0.5% in 2022, according to the firm’s analysis of 112 countries in “Global Construction Forecasts 2024-2030”.
Infrastructure was the sector that grew the most last year with 6.3%. Non-housing output grew by 2.8% while demand for housing fell by 4.5%. Infrastructure is expected to grow again this year, but only by 3.6%.
Output in developed markets grew by an average of 1.8% last year, faster than 0.3% in emerging economies, mainly due to weak Chinese demand. However, emerging markets are expected to grow faster in the long term.
Between 2025 and 2030, global output is expected to average 2.7% annually and reach $16.5 trillion at 2023 prices. Africa is expected to experience the strongest growth with 33, 3% annually, while Asia is expected to be the slowest region, with growth of 3.8%.
Although China’s forecast growth of 1.1% annually until 2030, 0.5% less than the global average, it is expected to remain the largest market accounting for 24.6% of total, down from 27.5% last year. The US is expected to remain the second largest market, with a share that will increase from 14.4% last year to 15.1% in 2030.
In terms of sectors, GCP forecasts average annual increases until 2030 for non-housing works, infrastructure and housing of 3.4%, 3.0% and 1.8% respectively.
