The 55 largest countries in the world will spend nearly $4 trillion in 13 different construction markets in 2003, says a study released this month by Global Insight Inc., an economic and financial research firm that has gauged each nation's spending history, current work, rate of economic development and likely business risks.
While that figure is a 2.8% increase over 2002, the forecast is more bullish on the future. Spending in the 55 countries will grow by 4.6% annually over the next five years, with China and India accelerating even faster. "We looked at historical estimates and the economies of each country as a whole, along with their stage of development," says Chris Holling, managing director of Waltham, Mass.-based Global Insight, formerly DRI-WEFA. Also factored into the firm's third such construction forecast are announced projects in each country, and the political and economic risks of doing business.