Having bounced back from the worst of the pandemic fallout, global construction is set to grow by 2.3% a year in real terms reaching $16.6 trillion by 2030, say forecasters at London-based Global Construction Perspectives in reviewing 112 markets. Four of the 10 fastest growing will be in Asia, with only Myanmar and Japan facing declining outputs, while five are in Africa and one is in the Middle East.
GCP estimates total construction output to have risen in real terms by 4.1% in 2021 to $13.2 trillion after dipping by 0.1% during the pandemic’s first year in 2020. While most markets are recovering from COVID-19, the forecasters report 27 of the sample countries still struggling to catch up, with volumes in 2022 expected to be lower than in 2019.
