China will push the U.S. into second place as the world�s biggest construction market before the end of the next decade, according to a new Web-based report called Global Construction 2020. With its construction sector set to rise at an annual average of 6.3% for the next five years, the U.S. will be among the world�s top 12 fastest-growing markets, but it will lose its preeminent position, according to the report�s 10- year global projections.
While CG2020’s forecasts are presented to one decimal point of accuracy, one of the economists involved in the project, Rhys Herbert of Oxford Economics, cautions against believing the precision. He concedes that forecasters have lost some credibility in the economic crash, but insists the report provides “rigor” in analyzing construction markets.