Global Construction Market Set to Grow by Over 70% to $15 Trillion by 2025 Predicts Global Forecast Sponsored by Textura
Global Construction Perspectives and Oxford Economics Predict Overall Rise in Construction Market across the World.
CHICAGO, July 17, 2013 /PRNewswire/ -- Textura Corporation (NYSE: TXTR), the leading provider of collaboration solutions for the construction industry, announced today that the Global Construction 2025 report predicts that global construction will grow by more than 70% to reach $15 trillion by 2025. The benchmark global study, sponsored by Textura, was issued by Global Construction Perspectives and Oxford Economics on July 1st in London, England.
"World construction markets are at a tipping point already with 52% of all construction activity in emerging markets today," said Graham Robinson, Executive Director, Global Construction Perspectives. "We expect to see this increasing to 63% by 2025, with China and India contributing most to growth in emerging markets."
Other findings from the study include:
- Construction globally will increase its share of world output to account for over 13.5% of GDP by 2025
- North America will see the highest growth in developed country regions and is forecast to be almost 40% larger by 2025 than in 2007
- The US has several strong positive drivers for construction growth not shared elsewhere in the developed world, including growth in population, a newly competitive manufacturing sector that points to a strong trend towards 're-shoring' of manufacturing operations and strong growth prospects for firms already producing domestically. This leads to a forecast of a 75% increase in US construction output between 2012 and 2025
- The outlook for Canada also is robust, not only due to its tight trade links with the US, but also due to population growth, continued activity driven by mining and natural resources extraction, and investment in infrastructure
- As extraction capacity moves to the production phase, infrastructure development in Australia is likely to slow overall
- Recovery in Western Europe is forecast to be weak; however the UK construction market is forecast to grow at more than double the average rate to 2025 and come to rival Germany.
"Textura is delighted to be a Global Sponsor of this definitive study of one of the most important sectors of the global economy," said Franco Turrinelli, Executive Vice President of Corporate Development for Textura. "The report highlights both challenges and opportunities for the global construction market and should prove to be an invaluable tool to firms in the development of both their global and regional strategies."
Global Construction 2025 is the third in a series of major global studies of the construction and engineering industry to be published by Global Construction Perspectives and Oxford Economics. The report and over 50 separate databases provide accurate and reliable forecasts to 2025 and analyse the market dynamics in all major construction markets. The report and databases provide forecasts for construction and engineering globally as well as for key regional and country markets. The report and databases also examine trends and give forecasts for key sectors such as infrastructure, residential and non-residential markets. Global Construction 2025 is an invaluable tool for senior executives and policy makers globally who seek to gain a clear perspective on the global construction industry. The forecasts and report have been written by an expert team from Global Construction Perspectives and Oxford Economics.
Further details can be found at: www.globalconstruction2025.com
Textura is the leading provider of collaboration and productivity tools for the construction industry. Our solutions serve all construction industry professionals across the project lifecycle – from takeoff, estimating, design and pre-qualification to bid management, submittals, LEED® management and payment – on a single, integrated platform.
Textura's collaboration platform and online product suite represent the first time the industry has all the tools needed to manage their business in an integrated fashion to save time and money and reduce exposure to risks. With award winning technology, world-class customer support and consistent growth, Textura is leading the construction industry's technology transformation. www.texturacorp.com
SOURCE Textura Corporation
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