Global construction volume will grow by 1.2% this year and by a 3% annual average over the rest of the decade, forecasts London-based Global Construction Perspectives in a report released Jan. 23.

Projected growth builds on last year’s 0.9% increase to $13.7 trillion following the 0.5% fall in 2022, according to the firm's analysis of 112 countries in “Global Construction Forecasts 2024-2030.”

Infrastructure was last year’s fastest growing sector at 6.3%. Non-housing output grew by 2.8% while housing demand fell by 4.5%. Infrastructure is expected to grow again this year but by only 3.6%.

Output in developed markets grew by 1.8% on average last year, faster than 0.3% in emerging economies, mainly because of weakness in Chinese demand. However, emerging markets are forecast to grow faster in the long term.

Between 2025 and 2030, global output is expected to average 2.7% a year reaching $16.5 trillion at 2023 prices. Africa is expected to experience the strongest growth at 33.3% a year, while Asia is forecast to be the most sluggish region, growing by 3.8%. 

While China’s forecast growth of 1.1% a year to 2030, 0.5% less the global average, it is projected to remain the largest market accounting for 24.6% of the total, down from 27.5% last year. The U.S. is expected to remain the second largest market with its share rising from 14.4% last year to 15.1% in 2030. 

In terms of sectors, GCP forecasts average annual increases to 2030 for non-housing work, infrastructure and housing of 3.4%, 3.0% and 1.8% respectively.