The global construction industry looks to have a positive future. The Global Construction 2030 report, published by Global Construction Perspectives and Oxford Economics, forecasts growth for 48 major construction markets across the world in the next decade, and believes the global construction market will increase by $8 trillion by 2030.
In a separate report produced by the Construction Intelligence Centre (CIC), Global Construction Outlook to 2022, expansion in the global construction industry is expected to average 3.6% a year over the next three years, reaching $12.7 trillion in 2022 – an increase from $10.6 trillion in 2019.
This is expected to drive an 85% uptick in global construction output, according to the report, with China, India and the US accounting for 57% of overall growth. This will be powered by the ongoing industrialisation of developing countries, alongside developed nations recovering from economic instabilities.
However, despite the upward trends predicted, construction companies need to ensure their workforce strategies are fine-tuned to ensure projects are delivered on time and don’t go over budget.
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