Global Construction Perspectives has today published the latest edition of its annual forecasts for global construction volumes in 112 countries until 20301. The key points in the latest report are:
- Construction output globally is estimated to have rebounded in 2021 (+4.1%) to $13.2 trillion, from a minor downturn in 2020 (-0.1%).
- 101 of the 112 countries are estimated to have had growth in their construction volumes in 2021, up from 33 in 2020.
- 53 of the countries whose construction volumes had declined in 2020 did not recoup the shortfall in 2021 (map on left).
- In 2022, construction growth globally is expected to slow to around 3.0%, with infrastructure work replacing housing as the strongest sector. Growth rates are forecast to vary from +20% in Panama to -10% in Myanmar.
- We expect 27 of the countries to still have a lower volume of construction output in 2022 than in 2019.
- Longer term (2023-30) growth in global construction volumes is forecast to average 2.3% per annum, ranging from +10.2% a year in Lebanon, following the collapse there in recent years, to an average 0.5% per annum decline in Japan (map on right).
- Bangladesh (+8.0% p.a.) and the Philippines (+7.5% p.a.) are amongst the most attractive construction markets longer term in our view, particularly if as historically their currencies remain strong.
- We estimate a global need for an average of 54 million new homes a year, 12.2 million p.a. in China, 11.4 million p.a. in India and between one and two million a year in each of Nigeria, US, Brazil, Indonesia, Pakistan and Bangladesh.
1. www.globalconstruction2030.com for report. Separate forecasts are published for housing, non-housing and infrastructure work for 64 of the 112 countries.
SOURCE Global Construction Perspectives