Textura Corp., a provider of collaboration solutions for the construction industry, has announced the Global Construction 2025 report predicts global construction will grow by more than 70 percent to reach $15 trillion by 2025. The benchmark global study, sponsored by Textura, was issued by Global Construction Perspectives and Oxford Economics on July 1 in London.
“World construction markets are at a tipping point already with 52 percent of all construction activity in emerging markets today,” says Graham Robinson, executive director, Global Construction Perspectives. “We expect to see this increasing to 63 percent 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 more than 13.5 percent of GDP by 2025.
North America will see the highest growth in developed country regions and is forecast to be almost 40 percent larger by 2025 than in 2007.
- The U.S. 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 toward “re-shoring” of manufacturing operations and strong growth prospects for firms already producing domestically. This leads to a forecast of a 75 percent increase in U.S. construction output between 2012 and 2025.
- The outlook for Canada also is robust, not only due to its tight trade links with the U.S., but also because of its 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.
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 more than 50 separate databases provide accurate and reliable forecasts to 2025 and analyze 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.
Be the first to comment on "Global Construction to Reach $15 Trillion by 2025"