VIDEO: World Construction outlook for 2009
By Chris Sleight12 January 2009
The global economic slowdown will see growth in construction output slow to +1.9% this year.
In general terms, the mature construction markets will experience recessions this year, but these will be more than compensated for by continued growth in developing regions of the world.
The US market is expected to fall by anywhere between -1% and -14%, depending on the forecast. Meanwhile Euroconstruct puts the downturn in Europe at -4.3%. Only a shallow recession is expected in Japan, while construction activity is expected to increase in South Korea.
Offsetting this will be growth in emerging markets. The biggest of these are the so-called BRIC countries - Brazil, Russia, India and China, where Global Insight forecasts growth of +3.6%, +9.0%, +8.4% and +7.3% in 2009. These are significant markets today, with construction output in the BRIC countries valued at US$ 800 million, or about 18% of the global total.
Full details of the outlook for 2009 are outlined in our new yearbook, World Construction 2009. As the title suggests, the directory is a comprehensive guide to the construction industry, comprising forecasts, region-by-region analysis as well as unique benchmark studies like our survey of the world's 200 largest construction companies. The yearbook also includes a directory of 400 major construction companies around the world.
For more information, see our new yearbook, World Construction 2009, which is available to buy here.