Global construction output will grow 70 percent by 2020
Tina Grady Barbaccia | September 15, 2010
Global construction output will grow 70 percent from its current level of $7.5 trillion to $12.7 trillion by 2020, according to a new report by Global Construction Perspectives and Oxford Economics.
Global Construction 2020 is published by Global Construction Perspectives and Oxford Economics and has been sponsored by Cemex, Holcim, LaFarge and OraScom Construction Industries.
Today’s global construction market is worth an estimated $7.5 trillion. By 2020, the global construction market will be worth an estimated $12.7 trillion – 70-percent growth.
Emerging construction markets in Asia-Pacific will grow by an estimated 125 percent between 2009 and 2020, according to Global Construction 2020.
China will overtake the United States as the largest construction market globally by 2018 and by 2020 the construction market in China will be worth an estimated $2.4 trillion. India will overtake Japan by 2020 to become the third largest global construction market, according to Global Construction 2020.
The world’s top 10 construction markets by size today will change over the next decade as growth in emerging markets such as BRIC countries outpace developed countries.
For pie charts of the total value of output for the global construction market, go to http://globalconstruction2020.com/.
MORE FROM Economics
- Oopsie! DOT forgets to spellcheck interstate sign2230 Views
- Road worker killed while picking up construction cones1301 Views
- The state with the best roads in the country is...946 Views
- Senate passes highway bill, vote sent back to house617 Views
- 3 tips for staying safe inside road construction work zones530 Views