Canada construction Market Outlook
The global construction market is a hot topic in today’s engineering and construction (E+C) sector primarily because of its forecasted significant growth over the next decade and years beyond. This growth is expected due to the much-needed infrastructure in developed and emerging markets worldwide. But while the global market poses tremendous opportunities for international E+C firms, it comes with challenges as well.
According to a newly released report, Global Construction 2025, the global construction market is expected to grow 70%, climbing from $7.2 trillion to $15 trillion by 2025. Not surprisingly, emerging markets will play a significant part in this development, expanding from 52% of all construction activity in 2012 to 63% by 2025. Overall, construction in developed and emerging markets is projected to grow by 110%, and specially infrastructure construction by 128%.
Global Construction 2025 provides a comprehensive analysis of global and regional construction trends in 46 countries. The report remarks that the key area of construction growth in emerging countries is infrastructure. Infrastructure projects are projected to increase by 130% in developing countries by 2020 and encompass: transportation, energy, social infrastructure, schools, hospitals, government, water, defense and natural resources. These types of projects in developed countries are only forecasted to increase by 20%. Factors that could affect these projections include how individual countries will address climate change, carbon reduction, waste disposal, and clean and renewable energy technologies.
Highlights of Global Construction 2025 are:
- China, India and the U.S. are forecasted to account for almost 60% of expected construction growth. By 2018, China is slated to be the world’s leading construction market with a total construction output of $2.5 trillion. Its global share is expected to rise from 18% in 2012 to 26% in 2025, mostly due to increased urbanization and a growing middle class.
- By 2025, India’s share of global construction is expected to grow to 7%, and it will surpass Japan as the world’s third largest market. Like China, India is seeing a rise in urbanization and middle class households due to 30% of its population spanning 10 – 24 years old.
- North America is to have the highest growth of developed countries and is projected to be almost 40% larger by 2025 compared to 2007.
- Multiple drivers are prompting U. S. construction growth including its increase in population, a newly competitive manufacturing sector and strong growth projection for entities that are already producing domestically. All of these combine to forecast a 75% increase in U. S. construction output by 2025.
- Canada’s positive construction outlook is due to population growth as well as major investments being made in infrastructure, and in mining and natural resources extraction.
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