Construction will be an engine of global economic growth in the decade to 2030, with output expected to be 35% higher than in the ten years to 2020, according to a new global forecast. — Global Construction Review
The report, titled Future of Construction, by Oxford Economics and Marsh McLennan subsidiaries March and Guy Carpenter projects that growth in construction output will average 3.6% per year from now until 2030, outpacing that of the manufacturing and services sectors. According to the study, this is driven by swift recovery from the Covid-19 pandemic and stimulus support from governments. The spending of accumulated excess household savings and demand for residential space is also credited as a factor behind this growth.
Growth will be concentrated in China, India, the United States, and Indonesia, which will account for 58.3% of estimated global expansion. Infrastructure is expected to be the fastest growth sector for construction over the decade, driven by government stimulus plans fueling global infrastructure projects, such as the $1.2 trillion bipartisan infrastructure bill in the U.S.
The forecast notes that climate change and the race to net-zero are the greatest challenges that face the construction industry and will spur the growth of an emerging deconstruction industry. Modern methods of construction are also expected to become the new normal, such as off-site manufacturing and the use of 3D-printing technologies.
The full Future of Construction report can be viewed here.
No Comments
Block this user
Are you sure you want to block this user and hide all related comments throughout the site?
Archinect
This is your first comment on Archinect. Your comment will be visible once approved.