Construction Market Size, Trends and Growth Forecasts by Key Regions and Countries, 2023-2027

Pages: 90 Published: March 30, 2023 Report Code: GDCN0031GO

Accessing in-depth insights from the ‘Construction Market’ report will give you:

  • An overview of the global construction industry to 2027.
  • Detailed outlook of the major regions: North America, Latin America, Western Europe, Eastern Europe, South Asia, South-East Asia, North-East Asia, Australasia, the Middle East and North Africa and Sub-Saharan Africa.
  • Analysis of the latest data on construction output trends in key markets
  • A comprehensive benchmarking of 91 leading construction markets according to construction market value and growth.

How is the ‘Construction Market’ report different from other reports in the market?

  • Evaluate regional construction trends from insight on output values and forecast data to 2027.
  • Identify the fastest growers to enable assessment and targeting of commercial opportunities in the markets best suited to strategic focus.
  • Identify the drivers in the global construction market and consider growth in emerging and developed economies. Formulate plans on where and how to engage with the market while minimizing any negative impact on revenues.
  • Construction output value provided across five sub-sectors including railways, roads, electricity and power, water and sewage, and others from 2017 to 2027.

We recommend this valuable source of information to anyone involved in:

  • Contractors Including Civil Works, Electrical, HVAC, and Others
  • Consultants/Designers
  • Building Material Merchants/Players
  • Construction Equipment Suppliers
  • Management Consultants and Investment Banks
  • Portfolio Managers/Buy-side Firms
  • Insurance Companies

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Construction Market Overview

The construction industry is anticipated to witness sluggish growth in 2023 mainly due to the weak economic backdrop, and additional challenges such as high construction materials costs and labor shortages. However, with improvement in economic stability, the construction industry is anticipated to grow at an annual average rate of more than 4% during 2025-2027.

AAGR (2025-2027) >4%
Forecast Year 2023-2027
Key Regions North-East Asia, South-East Asia, South Asia, Australasia, Middle East and North Africa, Sub-Saharan Africa, US and Canada, Latin America, Western Europe, and Eastern Europe and Central Asia

This construction industry report provides a detailed analysis of the prospects for the global construction industry up to 2027. The report also covers the regional outlook with a country-wise overview and crucial updates from different construction sectors.

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Construction Market Dynamics

Globally, residential construction has recovered well from the downturn in 2020 amid the COVID-19 disruption, with government incentive schemes and a build-up of household savings helping to drive up residential building work, particularly on the renovation side to improve energy efficiency. The commercial construction sector was hit hard by the restrictions imposed amid the COVID-19 pandemic, and there were emerging signs of recovery as travel restrictions were lifted, but the general weaker economic outlook and higher interest rates will hit underlying demand, further pushing out a full recovery in leisure and hospitality buildings, offices and in the retail buildings sector.

Investment in the infrastructure and energy and utilities sectors remains a major driver of overall construction output growth. These sectors expanded in 2020 despite COVID-19 disruptions, which reflected the efforts by governments and public institutions to accelerate investment to stimulate activity. The recovery from the pandemic and the easing of restrictions allowed the resumption of work on major projects in 2021, and growth is set to remain strong in the coming years, particularly given major investment programs in the US and China.

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Construction Market Segmentation by Regions

The key regions in the construction market are North-East Asia, South-East Asia, South Asia, Australasia, Middle East and North Africa, Sub-Saharan Africa, US and Canada, Latin America, Western Europe, and Eastern Europe and Central Asia. In 2023, North-East Asia accounted for the largest construction market growth.

The construction activity in North-East Asia strengthened in the final quarter of last year, and due to this construction output increased in 2022. Growth in Q4 2022 strengthened primarily due to robust activity in China, despite the continued downturn in its real estate sector.

Construction Market Analysis by Regions, 2023 (%)

Construction Market Analysis by Regions, 2023 (%)

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Segments Covered in the Report

Construction Market Regions Outlook (Value, $Billion, 2017-2027)

  • North-East Asia
  • South-East Asia
  • South Asia
  • Australasia
  • Middle East and North Africa
  • Sub-Saharan Africa
  • North America
  • Latin America
  • Western Europe
  • Eastern Europe

Table of Contents

  • 1 Global Outlook
  • 2 Regional Outlook: US and Canada

    • 2.1 Overview
    • 2.2 Key Updates

  • 3 Regional Outlook: Latin America

    • 3.1 Overview
    • 3.2 Key Updates

  • 4 9Regional Outlook: Western Europe

    • 4.1 Overview
    • 4.2 Key Updates

  • 5 Regional Outlook: Eastern Europe and Central Asia

    • 5.1 Overview
    • 5.2 Key Updates

  • 6 Regional Outlook: South-East Asia

    • 6.1 Overview
    • 6.2 Key Updates

  • 7 Regional Outlook: South Asia

    • 7.1 Overview
    • 7.2 Key Updates

  • 8 Regional Outlook: Australasia

    • 8.1 Overview
    • 8.2 Key Updates

  • 9 Regional Outlook: North-East Asia

    • 9.1 Overview
    • 9.2 Key Updates

  • 10 Regional Outlook: Middle East and North Africa

    • 10.1 Overview
    • 10.2 Key Updates

  • 11 Regional Outlook: Sub-Saharan Africa

    • 11.1 Overview
    • 11.2 Key Updates

  • 12 GlobalData Construction

List of Tables

Table 1: Global Construction Output Growth (Real, % Change), 2020–2027

Table 2: North America, Construction Output Value (Real, $ 2017 Billion), 2017–2027

Table 3: Latin America, Construction Output Value (Real, $ 2017 Billion), 2017–2027

Table 4: Middle East and North Africa, Construction Output Value (Real, $ 2017 Billion), 2017–2027

Table 5: Sub-Saharan Africa, Construction Output Value (Real, $ 2017 Billion), 2017–2027

Table 6: South-East Asia, Construction Output Value (Real, $ 2017 Billion), 2017–2027

Table 7: South Asia, Construction Output Value (Real, $ 2017 Billion), 2017–2027

Table 8: North-East Asia, Construction Output Value (Real, $ 2017 Billion), 2017–2027

Table 9: Australasia, Construction Output Value (Real, $ 2017 Billion), 2017–2027

Table 10: Western Europe, Construction Output Value (Real, $ 2017 Billion), 2017–2027

Table 11: Eastern Europe, Construction Output Value (Real, $ 2017 Billion), 2017–2027

Table 12: US and Canada, Construction Output Growth (Real, % Change)

Table 13: Latin America, Construction Output Growth (Real, % Change)

Table 14: Western Europe, Construction Output Growth (Real, % Change)

Table 15: Eastern Europe and Central Asia, Construction Output Growth (Real, % Change)

Table 16: South-East Asia, Construction Output Growth (Real, % Change)

Table 17: South Asia, Construction Output Growth (Real, % Change)

Table 18: Australasia, Construction Output Growth (Real, % Change)

Table 19: North-East Asia, Construction Output Growth (Real, % Change)

Table 20: Middle East and North Africa, Construction Output Growth (Real, % Change)

Table 21: Sub-Saharan Africa, Construction Output Growth (Real, % Change)

List of Figures

Figure 1: Global Construction Output Value (Real, 2017 $ Billion), 2019–2026

Figure 2: US and Canada, Construction Output Value (Real, $ 2017 Billion)

Figure 3: The US, Construction Output (% change), Seasonally Adjusted in Nominal and Real Terms

Figure 4: The US, Construction Put in Place ($ Million, Nominal) Seasonally Adjusted Annual Rate

Figure 5: Canada, Construction Value-Add (CAD Million, 2012 Constant Prices), Quarterly Average, Seasonally Adjusted at Annual Rates

Figure 6: Latin America, Construction Output Value (Real, $ 2017 Billion)

Figure 7: Brazil, Construction Value-Add (BRL Billion, Seasonally Adjusted Chained 1995 Prices)

Figure 8: Mexico, Construction Value-add (2013 Prices, MXN Billion)

Figure 9: Argentina, Construction Value Add (ARS Million, 2004 Constant Prices)

Figure 10: Colombia, Construction Value Add (COP Billion, 2015 Chained Prices), YoY % Change

Figure 11: Western Europe, Construction Output Value (Real, $ 2017 Billion)

Figure 12: Germany, Construction Value-Add (Chain Volume, EUR Million, Seasonally Adjusted)

Figure 13: Spain, Construction Value-Add (Chain Volume, EUR Million, Seasonally Adjusted)

Figure 14: France, Construction Value-Add (Chain Volume, EUR Million, Seasonally Adjusted)

Figure 15: UK, Construction Output Volume (Chain Volume Seasonally Adjusted, GBP Million)

Figure 16: Italy, Construction Value-Add (Chain Volume, EUR Million, Seasonally Adjusted)

Figure 17: Eastern Europe and Central Asia, Construction Output Value (Real, $ 2017 Billion)

Figure 18: Turkey, Construction Cost Index (2015=100)

Figure 21: Russia, Construction Activity Volume Index

Figure 22: Poland, Construction Value Add (PLN Million, 2015 Chained Prices)

Figure 19: Czech Republic, Production in Construction Index (2015=100)

Figure 20: Hungary, Building permits – m2 of useful floor area, calendar and seasonally adjusted (2015 = 100)

Figure 21: Poland, Building permits – m2 of useful floor area, calendar and seasonally adjusted (2015 = 100)

Figure 22: South and South-East Asia, Construction Output Value (Real, $ 2017 Billion)

Figure 23: Indonesia, Construction Value-Add (IDR Billion, 2010 Prices, Seasonally Adjusted)

Figure 24: Thailand, Construction Value-Add (THB Million, Seasonally Adjusted Chained Volume Measures)

Figure 25: Singapore, Construction Value-Add (SGD million, 2015 Chained Prices, Seasonally Adjusted)

Figure 26: Malaysia, Construction Value-Add (MYR Million, 2015 Prices, Seasonally Adjusted)

Figure 27: Philippines, Construction Value-Add (PHP Billion, 2018 Prices)

Figure 28: Vietnam, Construction Value-Add (VND Billion, 2010 Prices)

Figure 29: South Asia, Construction Output Value (Real, $ 2017 Billion)

Figure 30: India, Construction Value-Add (INR Billion, Constant Prices)

Figure 31: Sri Lanka, Construction Value-Add (Billion, 2015 Constant Prices)

Figure 32: Australasia, Construction Output Value (Real, $ 2017 Billion)

Figure 33: Australia, Construction Work Done (AUD Million, Chained 2018 Prices, Seasonally Adjusted)

Figure 34: Australia, Construction Value Add (Million AUD, Chained Volume Measures, 2018-19 Prices)

Figure 35: Australia, Building Approvals (Million AUD, Seasonally Adjusted, Chain Volume, 2018-19 Prices)

Figure 36: New Zealand, Volume of Building Work Put in Place, Million NZD, Seasonally Adjusted, 1999 Prices

Figure 37: New Zealand, Construction Value-add (Million NZD, Chained Volume Measures, 2009-10 Prices)

Figure 38: New Zealand, Building Consents Issued, Three-month moving average, Million NZD, (% Change YoY)

Figure 39: North-East Asia, Construction Output Value (Real, $ 2017 Billion)

Figure 40: China, Construction Value-Add Index, Constant Prices, % Change YoY

Figure 41: Japan, Construction Orders Received, JPY Billion, 3-month Moving Average

Figure 42: South Korea, Construction Value-Add (KRW Billion, 2015 Chained Prices, Seasonally Adjusted)

Figure 43: South Korea, Value of Construction Orders Received, KRW Billion, 3-month Moving Average

Figure 44: Taiwan, Construction Value-Add, TWD Million, 2016 Chained Prices

Figure 45: Hong Kong, Gross Value of Construction Work Performed, HKD Million, Seasonally Adjusted 2000 Chained Prices

Figure 46: Middle East and North Africa, Construction Output Value (Real, $ 2017 Billion)

Figure 47: Saudi Arabia, Construction Value-Add (SAR Million, Constant Prices)

Figure 48: The UAE, Total Bank Credit to Construction and Real Estates (AED Million), % Change

Figure 49: Tunisia, Construction Value-Add (TND Million, Constant Prices)

Figure 50: Sub-Saharan Africa, Construction Output Value (Real, $ 2017 Billion)

Figure 51: Nigeria, Construction Value-Add (NGN Billion, Constant Prices)

Figure 52: South Africa, Construction Value-Add (ZAR Million, Constant Prices)

Figure 53: Mozambique, Construction Value-Add (MZN Million, Constant Prices)

Frequently Asked Questions

North-East Asia, South-East Asia, South Asia, Australasia, Middle East and North Africa, Sub-Saharan Africa, North America, Latin America, Western Europe, and Eastern Europe are the key regions in the global construction industry.

North-East Asia leads in the global construction industry in 2023.

Mongolia, China, Hong Kong, Japan, Taiwan, South Korea, and Macau are some of the prominent revenue-generating economies in the North-East Asia construction industry.

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