Despite the socio-economic and political upheaval in 2023, construction markets globally experienced relative calm compared with the previous two years, as demand eased and supply chains returned to a more level footing. High borrowing costs and weak demand for housing were common aspects of many construction markets and tended to undercut the positive impact of post-pandemic recovery-led infrastructure investment.

Looking ahead, 2024 is likely to be a pivotal moment in the recovery of the global construction sector. Finance-led markets such as housing and commercial, together with energy transition investment to meet net zero goals, should start to see a gradual uptick as interest rates fall to more manageable levels.

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