PwC has sponsored a new report - Global Construction 2030 - which forecasts that the volume of construction output will grow by 85% to $15.5 trillion worldwide by 2030, with three countries, China, US and India , leading the way and accounting for 57% of all global growth.
The benchmark global study, the fourth in a series from Global Construction Perspectives and Oxford Economics, shows average global construction growth of 3.9% pa to 2030, outpacing that of global GDP by over one percentage point, driven by developed countries recovering from economic instability and emerging countries continuing to industrialize.
China construction growth is to slow considerably with a slump in housing and the first ever decline in housing output for China will be registered this year. But, its transition to a consumer and services driven economy provides opportunity for growth in new types of construction in healthcare, education and social infrastructure, as well as retail and other consumer end-markets. The abolition of China's one-child policy adds impetus to our long-term view.
The construction market in India will grow almost twice as fast as China to 2030, providing a new engine of global growth in emerging markets. India's urban population is expected to grow by a staggering 165 million by 2030, swelling Delhi by 10.4 million people to become the world's second largest city.
When it comes to Europe, whilst it won't recover to reach pre-crisis levels until 2025, the UK is a stand-out growth market, overtaking Germany to become the largest in Europe and the world's sixth largest construction market by 2030.
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