£60tr to be spent on construction globally in next ten years
China’s construction activity will continue to outstrip that of the US for the foreseeable future according to a new report.
Construction expenditure in China reached £1tr last year propelling it above the US to become the world’s largest construction market.
The report predicts a total of £60tr will be spent on construction globally over the next 10 years, with China accounting for 21% of this figure.
India is also forecast to overtake Japan as the world’s third largest construction market by 2018.
Global Construction Perspectives produced the report in partnership with PwC and Oxford Economics.
Graham Robinson, director of Global Construction Perspectives, said:
“Construction has never seen such rapid growth above GDP, fuelled by the emerging super powers of China and India and a rebound in US construction.”
Jonathan Hook, construction global leader with PwC, said:
“Corporates need to work out how to deploy skills and develop the best alliances to benefit from the exciting growth opportunities that exist.”