Report predicts reshuffle of global markets will also favour Nigeria, India and Poland
China will overtake the US to become the world’s largest construction market in 2018, a new report has predicted. The report launched today forecasts global construction trends over the next 10 years. Its key predictions include Nigeria becoming the world’s fastest growing construction market by 2020, followed by India and then Poland. China will be the largest market by 2020, the research found, with the US being the second largest, followed by India.
The Global Construction 2020 report found that Nigeria’s construction spending will grow by at least 9% every year over the next decade, driven by rapid urbanisation. China’s construction market will be worth almost £2.5 trillion in 2020 and will represent an immense 19% of global construction output.
A spokesman for Oxford Economics, which produced the report, said: “Overall the report shows that over the next 10 years the busiest markets will be in emerging economies and the emphasis will be on infrastructure.”
For highlights of the report click here
The full report can be bought at www.globalconstruction2020.com/