flexiblefullpage -
billboard - default
interstitial1 - interstitial
catfish1 - bottom
Currently Reading

Report: Global construction market to reach $15 trillion by 2025

Report: Global construction market to reach $15 trillion by 2025

A new report released today forecasts the volume of construction output will grow by more than 70% to $15 trillion worldwide by 2025.


By BD+C Staff | July 1, 2013
Wikipedia
A new report released today forecasts the volume of construction output will grow by more than 70% to $15 trillion worldwide by 2025. The benchmark global study - the third in a series from Global Construction Perspectives and Oxford Economics - shows the meteoric growth, which outpaces that of global GDP, will be concentrated in three countries - China, the US and India.
 
“World construction markets are at a tipping point already with 52% of all construction activity in emerging markets today. We expect to see this increasing to 63% by 2025, with China and India contributing most to growth in emerging markets,” says Graham Robinson, Executive Director, Global Construction Perspectives.
 
China overtook the US to become the world’s largest construction market in 2010, and is expected to increase its global share from 18% today to 26% in 2025, despite an expected slowdown.
 
“China and India will need to build another 270 million new homes by 2025 - mostly affordable homes”, says Mike Betts from Global Construction Perspectives.
 
Significant opportunities have arisen for a new generation of ‘Asian Tigers’.  Indonesia, Vietnam and the Philippines are becoming increasingly attractive for export-oriented manufacturing and represent a $350 billion construction market growing at more than 6% annually.
 
“While China is the key market, it would be a mistake to ignore the transformations happening elsewhere in Asia, which will help boost construction in Asia Pacific” says Jeremy Leonard, Director of Industry Services at Oxford Economics.
 
India will overtake Japan as the third-largest construction market with annual growth averaging 7.4% annually in construction expected to exceed that of China.
 
The construction market in Western Europe is expected to be almost 5% smaller in 2025 than its pre-recession peak in 2007, whilst North America is forecast to be almost 40% larger.
 
“By 2050, there’ll be two billion additional city dwellers - sustainable urbanization will be a major construction challenge and the industry must strive to find innovative new products and solutions, to contribute to building better cities”, says Bruno Lafont, Chairman and Chief Executive of global building products Lafarge.
 
For more information: visit www.globalconstruction2025.com.

Related Stories

Airports | Apr 18, 2023

India's mammoth new airport terminal takes ‘back to nature’ seriously

On January 15, 2023, Phase 1 of the Kempegowda International Airport’s Terminal 2, in Bengaluru, India, began domestic operations. The 2.75 million-sf building, designed by Skidmore, Owings & Merrill (SOM), is projected to process 25 million passengers annually, while providing its travelers with a healthier environment, thanks to extensive indoor-outdoor landscaping that offers serenity to what is normally a frenzied experience.

Architects | Apr 6, 2023

Design for belonging: An introduction to inclusive design

The foundation of modern, formalized inclusive design can be traced back to the Americans with Disabilities Act (ADA) in 1990. The movement has developed beyond the simple rules outlined by ADA regulations resulting in features like mothers’ rooms, prayer rooms, and inclusive restrooms.

Airports | Feb 28, 2023

Data visualization: $1 billion earmarked for 2023 airport construction projects

Ninety-nine airports across 47 states and two territories are set to share nearly $1 billion in funding in 2023 from the Federal Aviation Administration. The funding is aimed at help airports of all sizes meet growing air travel demand, with upgrades like larger security checkpoints and more reliable and faster baggage systems.

Intelligent Lighting | Feb 13, 2023

Exploring intelligent lighting usage in healthcare, commercial facilities

SSR's Todd Herrmann, PE, LEEP AP, explains intelligent lighting's potential use cases in healthcare facilities and more.

Giants 400 | Feb 9, 2023

New Giants 400 download: Get the complete at-a-glance 2022 Giants 400 rankings in Excel

See how your architecture, engineering, or construction firm stacks up against the nation's AEC Giants. For more than 45 years, the editors of Building Design+Construction have surveyed the largest AEC firms in the U.S./Canada to create the annual Giants 400 report. This year, a record 519 firms participated in the Giants 400 report. The final report includes 137 rankings across 25 building sectors and specialty categories.   

Giants 400 | Feb 6, 2023

2022 Reconstruction Sector Giants: Top architecture, engineering, and construction firms in the U.S. building reconstruction and renovation sector

Gensler, Stantec, IPS, Alfa Tech, STO Building Group, and Turner Construction top BD+C's rankings of the nation's largest reconstruction sector architecture, engineering, and construction firms, as reported in the 2022 Giants 400 Report.

Cladding and Facade Systems | Dec 20, 2022

Acoustic design considerations at the building envelope

Acentech's Ben Markham identifies the primary concerns with acoustic performance at the building envelope and offers proven solutions for mitigating acoustic issues.

Digital Twin | Nov 21, 2022

An inside look at the airport industry's plan to develop a digital twin guidebook

Zoë Fisher, AIA explores how design strategies are changing the way we deliver and design projects in the post-pandemic world.

Giants 400 | Nov 14, 2022

Top 65 Airport Terminal Engineering + EA Firms for 2022

AECOM, Jacobs, Arup, and Burns & McDonnell head the ranking of the nation's largest airport terminal engineering and engineering/architecture (EA) firms for 2022, as reported in Building Design+Construction's 2022 Giants 400 Report.

Giants 400 | Nov 14, 2022

Top 60 Airport Terminal Contractors + CM Firms for 2022

Hensel Phelps, Turner Construction, Walsh Group, and Holder Construction top the ranking of the nation's largest airport terminal contractors and construction management (CM) firms for 2022, as reported in Building Design+Construction's 2022 Giants 400 Report. 

boombox1 - default
boombox2 -
native1 -

More In Category




halfpage1 -

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021