PUBLISHER: GlobalData | PRODUCT CODE: 1275513
PUBLISHER: GlobalData | PRODUCT CODE: 1275513
This report provides a detailed analysis of the prospects for the global construction industry up to 2027.
The global construction industry remains in a troubled state, with key markets suffering a sharp slowdown in output growth in real terms (constant prices) or a contraction. Overall, the global construction industry is now expected to grow by 1.8% in 2023, but excluding China the growth rate will stand at just 0.4%. The deceleration in global growth reflects the challenging conditions in most markets around the world in the form of high inflation and a tightening in monetary policy that has dampened investment. The performances in major advanced economies will be particularly weak; GlobalData estimated that construction in advanced economies will shrink by 1.6% this year and by 0.6% next year. The gloomy prediction for 2023 reflects ongoing weakness in the US, which suffered a 6.3% drop in overall output in real terms, and faces a further decline of 3.1% this year.