Top 3 Construction Markets Globally Are in Asia. US is 4th - Global Construction Perspectives

LONDON, Jan. 23, 2024 /PRNewswire/ -- Country rankings. Philippines, India and Bangladesh are the 3 most attractive construction markets globally, followed by the US, according to today's report Global Construction Forecasts 2024-2030¹ from Global Construction Perspectives. The report ranks 112 countries construction markets based on their size, growth prospects and currency risk.

Last year's return to growth. Globally construction volumes increased by around 0.9% in 2023, an improvement on 2022's 0.5% decline, but less than a third of the increase in GDP. The decline in housing was more than offset by growth in non-housing and particularly in infrastructure work. China's importance continued to decline, but it still accounted for more than 27% of global construction output and was almost double the size of the second largest construction market, the US. India grew strongly and was the third largest construction market globally.

Growth accelerating, but only slowly in 2024. Growth of 1.2% is forecast for global construction volumes in 2024. This assumes a slower rate of decline in housing as interest rates fall, but also slower growth in non-housing and infrastructure work, as economies remain weak and budgetary pressures remain in the public sector. Between 2025 and 2030 global construction volumes are forecast to increase by around 3% a year, only slightly below GDP growth.

Outlook by country. Japan (-0.6% p.a.) is the only country where construction output is likely to decline in 2025-30. However, growth is also likely to be slow in Western Europe, particularly in Belgium (+0.7% p.a.) and France (+0.8% p.a.). Growth will probably be strongest in countries that are currently warzones such as Ukraine (+27.7% p.a.), as significant rebuilding will be required once hostilities end. Similarly, strong growth is likely where the country's economy is currently particularly depressed such as Lebanon (+15.7% p.a.) or emerging markets where construction demand is currently low such as Ethiopia (+9.3% p.a), Bangladesh (+9.3% p.a.) and DRC (+8.3% p.a.)

57 million new homes a year. Housing starts are likely to average more than 12 million a year in 2024-2030 in both China and India. They are expected to exceed one million a year in another 7 countries and between half and one million per annum in a further 10 countries.  

1. www.databasedanalysis.com for report and database.

Contact: Mike Betts, Global Construction Perspectives, Mobile +447833431682. E-mail: [email protected]

SOURCE Global Construction Perspectives