China overtook the U.S. last year to become the world’s largest construction market, according to a March 3 report that forecasts market trends to 2020. However, the report suggests that, in the coming decade, the U.S. will be almost alone among developed nations in achieving significant expansion, with an expected annual construction growth exceeding 6%, which will still lag behind the predicted construction growth of emerging economies. China grew its global share to 15%, which was 1% ahead of the U.S., as a result of an increased volume of work, rising prices and currency exchange fluctuations, says Graham Robinson, director
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.