Under steady conditions, global construction output is set to grow, on average, by nearly 4% annually for the next 15 years—reaching, in constant 2014 dollars, $17.5 trillion by 2030, says a new global forecast. Construction’s share of the worldwide economy will rise 2.3% to nearly 15%—fueled by an 85% rise in global spending, with nearly half that growth to occur in China, India and the U.S., it adds.
Those market assessments are the crux of the 452-page “Global Construction 2030” forecast (GC30), released in London on Nov. 10. While the long view seems rosy, the survey authors emphasize that near-term prospects are at the mercy of inevitable central-bank lending-rate hikes from today’s historically low levels.