The construction market managed to continue to generate growth momentum in 2023, according to a new report by GlobalData Plc. The infrastructure, energy and utilities, and industrial buildings sectors will be key drivers for the 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.
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Construction Market FAQs
- Which are the key regions in the construction market?
The key regions in the construction market are North-East Asia, the US and Canada, Latin America, Western Europe, and Eastern Europe and Central Asia among others.
- Which was the leading region in the construction market in 2023?
In 2023, North-East Asia accounted for the largest construction market growth.
- What were the drivers behind the construction market growth in North-East Asia in Q3 2023?
The construction market 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.
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Construction Market Sectors Outlook (Value, $ Trillion, 2017-2027)
- Commercial
- Energy and Utilities
- Industrial
- Infrastructure
- Institutional
- Residential
Construction Market Regions Outlook (Value, $ Trillion, 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
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Construction Market Report Highlights
- In 2023, the construction industry growth in North-East Asia was 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.
- There are also high levels of spending across areas related to the energy transition, with investment in renewable energy projects and in manufacturing plants to produce Electric Vehicles (EVs) and components. There will be particularly high spending in these sectors in China and the US.
- In late October 2023, China’s National People’s Congress (NPC) approved a sovereign debt issue worth CNY1 trillion ($137 billion) in a bid to increase infrastructure spending and boost economic growth. In the US, spending under key federal programs, notably the Infrastructure Investment and Jobs Act (IIJA), the Inflation Reduction Act (IRA), and the CHIPS and Sciences Act, will continue to support overall non-residential construction output.
- Across Europe, the EU continues to support investment, with its Recovery and Resilience Facility delivering up to EUR385 billion in loans and EUR338 billion in grants to members to implement reforms and investments to make their economies more sustainable and prepare for the green and digital transitions.
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