VIDEO: Global construction markets outlook

In this video, International Construction editor Chris Sleight looks at the prospects for the global construction industry this year and next. As well as looking at forecasts for the global sector and key regions, he also discusses the wider economic picture and explores the link between GDP growth and the construction industry.

The global construction industry is bucking the trend of tepid economic growth. While the worldwide economy is expected to grow just +3.3% this year, construction output should increase by some +4.5%, with every region of the world apart from Europe seeing more robust growth in their construction markets than in their general economies.

Emerging regions of the world continue to perform particularly well, thanks to heavy investment in energy and infrastructure. While current growth levels are not on a par with the boom years of the last decade, emerging markets should see average construction growth of +6.8% this year, compared to the worldwide average of +4.5%.

Overall, the global construction sector is estimated to be worth some US$ 7.5 trillion, so this year’s forecast growth of +4.5% equates to an additional US$ 340 billion in activity.