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

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Exploring the current market trends and insights from the ‘Construction Market’ report will allow you to:

  • Understand the global construction industry outlook from 2023 to 2027.
  • Analyse growth prospects within each 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.
  • Gain a comprehensive benchmarking of 91 leading construction markets according to construction market value and growth.
  • Examine the latest data on construction output trends in key markets.

How is the ‘Construction Market’ report unique 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.

 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
  • ​Business Development and Market Intelligence
  • Investment Analysts and Portfolio Managers
  • Professional Services – Investment Banks, PE/VC Firms/ Portfolio Managers / Buy-Side firms /​Insurance Companies
  • M&A/Investment, Management Consultants, and Consulting Firms

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Construction Market Overview

The construction industry continued to generate growth momentum in 2023 despite the challenging macroeconomic and geopolitical backdrop. This growth can mostly be attributed to China’s surprisingly strong performance. Construction in the US also picked up in the second half of 2023. The infrastructure, energy and utilities, and industrial buildings sectors will be key drivers of construction output activity.

Public investment in transport infrastructure projects has been buoyant in most major markets, as governments proceed with spending plans to generate overall growth momentum. However, the residential sector will pose challenges to the growth of the overall construction activity in the coming quarters. Additionally, the commercial construction sector will remain sluggish, impacted by general economic weakness.

The construction industry report provides a detailed market growth analysis of the global construction industry up to 2027. The report further covers the regional outlook with a country-wise overview, including crucial project updates, to identify future business prospects.

Key Regions ·        US and Canada

·        Latin America

·        Western Europe

·        Eastern Europe and Central Asia

·        South-East Asia

·        South Asia

·        Australasia

·        North-East Asia

·        Middle East and North Africa

·        Sub-Saharan Africa

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Construction Market Segmentation by Regions

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

North-East Asia: The construction industry growth in North-East Asia continued to strengthen in the third quarter of 2023, bolstered by robust activity in China and further improvement in South Korea. In 2024, however, there might be a contraction in the construction output in South Korea. Moreover, there might be a sustained decline in construction orders in China. Potential upsides will garner stronger growth in Taiwan, following its contraction in 2023, as external demand rises with the improving global economic activities.

US and Canada: The US construction industry grew in 2023 due to a marked improvement in construction output growth in Q3 2023. Although high mortgage rates, increasing construction costs, and labour shortages have negatively impacted residential construction activities, non-residential construction sectors have continued to expand. However, Canada’s construction industry is expected to decline in 2024. This is mainly because of high interest rates and rising construction costs will impact the demand for residential sector construction.

Latin America: High inflation, high-interest rates, poor fiscal metrics, and political unrest will continue to hamper Latin America’s growth potential. The construction industry will record a contraction in 2024. On the bright side, signs of inflationary pressure are subsiding and easing the way for industry growth.

Construction Market Analysis by Regions, 2023 (%)

Construction Market Analysis by Regions, 2023 (%)

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Segments Covered in the Report

Construction Market Regional Outlook

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

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 Regional Outlook: Western Europe

    • 4.1 Overview
    • 4.2 Key Updates

  • 5 Regional Outlook: Eastern Europe & 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 About GlobalData
  • 13 Contact Us

Table

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)

Figures

Figure 1: Global Construction Output Value by Sector (Real, Index 2019=100), 2019–2027

Figure 2: Global Construction Output Value by Region (Real, 2017 $ Billion), 2019–2027

Figure 3: Global Construction Output and GDP by Region and Sector, 2023

Figure 4: Construction Output Growth vs Risk, by Country

Figure 5: US and Canada, Construction Output Value (Real, $ 2017 Billion)

Figure 6: The US, Construction Put in Place ($ Million, Nominal) Seasonally Adjusted Annual Rate

Figure 7: Canada, Construction Value-Add (CAD Million, 2012 Constant Prices), Quarterly Average, Seasonally Adjusted at Annual Rates

Figure 8: Latin America, Construction Output Value (Real, $ 2017 Billion)

Figure 9: Brazil, Construction Value-Add (BRL Billion, Seasonally Adjusted Chained 1995 Prices)

Figure 10: Mexico, Construction Value-add (2018 Prices, MXN Billion)

Figure 11: Argentina, Construction Value Add (ARS Million, 2004 Constant Prices)

Figure 12: Western Europe, Construction Output Value (Real, $ 2017 Billion)

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

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

Figure 15: France, Construction Value-Add (Chain Volume, EUR Million, Seasonally Adjusted)

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

Figure 17: UK, Construction Output Volume (Chain Volume Seasonally Adjusted, GBP Million)

Figure 18: Eastern Europe and Central Asia, Construction Output Value (Real, $ 2017 Billion)

Figure 19: Turkey, Construction Value Add (TKR Million, 2015 Chained Prices, Seasonally Adjusted)

Figure 20: Russia, Construction Activity Volume Index

Figure 21: Poland, Construction Value Add (PLN Million, 2015 Chained Prices, Seasonally Adjusted)

Figure 22: Czech Republic, Construction Value Add (CZK Million, 2015 Chained Prices, Seasonally Adjusted)

Figure 23: Hungary, Construction Value Add (HUF Million, 2015 Chained Prices, Seasonally Adjusted)

Figure 24: Romania, Construction Value Add (RON Million, 2015 Chained Prices, Seasonally Adjusted)

Figure 25: South and South-East Asia, Construction Output Value (Real, $ 2017 Billion)

Figure 26: Indonesia, Construction Value-Add (IDR Billion, 2010 Prices, Seasonally Adjusted)

Figure 27: Thailand, Construction Value-Add (THB Million, Seasonally Adjusted Chained Volume Measures)

Figure 28: Singapore, Construction Value-Add (SGD million, 2015 Chained Prices, Seasonally Adjusted)

Figure 29: Malaysia, Construction Value-Add (MYR Million, 2015 Prices, Seasonally Adjusted)

Figure 30: Philippines, Construction Value-Add (PHP Billion, 2018 Prices)

Figure 31: Vietnam, Construction Value-Add (VND Billion, 2010 Prices)

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

Figure 33: India, Construction Value-Add (INR Billion, Constant Prices)

Figure 34: Sri Lanka, Construction Value-Add (Billion, 2015 Constant Prices)

Figure 35: Australasia, Construction Output Value (Real, $ 2017 Billion)

Figure 36: Australia, Construction Work Done (AUD Million, Chained 2018 Prices, Seasonally Adjusted)

Figure 37: Australia, Construction Value Add (Million AUD, Chained Volume Measures, 2018-19 Prices)

Figure 38: Australia, Building Approvals (Million AUD, Seasonally Adjusted, Chain Volume, 2018-19 Prices)

Figure 39: New Zealand, Volume of Building Work Put in Place, NZD million, SA Q3 2022 Prices

Figure 40: New Zealand, Construction Value-add (Million NZD, Chained Volume Measures, 2009-10 Prices)

Figure 41: New Zealand, Number of Building Consents Issued, Three-month moving average

Figure 42: North-East Asia, Construction Output Value (Real, $ 2017 Billion)

Figure 43: China, Construction Value-Add Index, Constant Prices, % Change YoY

Figure 44: Japan, Construction Orders Received, JPY Billion, 3-month Moving Average

Figure 45: South Korea, Construction Value-Add (KRW Billion, 2015 Chained Prices, Seasonally Adjusted)

Figure 46: South Korea, Value of Construction Orders Received, KRW Billion, 3-month Moving Average

Figure 47: Taiwan, Construction Value-Add, TWD Million, 2016 Chained Prices

Figure 48: Hong Kong, Gross Value of Construction Work Performed, HKD Million, Seasonally Adjusted 2000 Chained Prices

Figure 49: Middle East and North Africa, Construction Output Value (Real, $ 2017 Billion)

Figure 50: Saudi Arabia, Construction Value-Add (SAR Million, Constant Prices)

Figure 51: Qatar, Construction Value Add, Constant Prices (QAR Million, 2018 Base Prices)

Figure 52: Sub-Saharan Africa, Construction Output Value (Real, $ 2017 Billion)

Figure 53: South Africa, Construction Value Add (ZAR Billion, Constant 2015 Prices)

Figure 54: Nigeria, Construction Value-Add (NGN Million, Constant Prices)

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