The global construction market expanded by 2.1% in 2011 and should grow by 3.0% in 2012, reaching an annual total of $6.0 trillion, according to an analysis by IHS Global Insight, an Englewood, Colo.-based economic consulting and forecasting group. IHS believes the global market still faces uncertainties, but there are signs that worldwide construction is beginning to recover after a few tumultuous years.
Overall, IHS says construction in the developed world will continue to lag the rate of growth in emerging countries. The Asian-Pacific region is projected to have the fastest-growing construction market in 2012 at 7.3%, followed by Latin America at 5.9% and the Middle East and Africa at 5.3%, according to IHS. Eastern Europe's construction market is expected to grow at a 3.9% pace.