Global Insight forecasts that the world market will recover from a poor 2003, with an average growth of 5% to 2012. It says growth will be fuelled by the Asian market, with hot spots in India and China, growing at 9.2% and 7.9%. The report is based on a study of 55 markets throughout the world.
The latest DTI figures show construction output in the first quarter of this year was 9% higher than the same period last year, although construction work in the private industrial sector fell by 9%.
A report by Market & Business Development found that housing construction activity grew 17% in 2002.