Construction Market Size, Trends and Growth Forecasts by Regions and Countries, 2024-2028 (Q4 2024)

Construction Market Size, Trends and Growth Forecasts by Regions and Countries, 2024-2028 (Q4 2024)

Summary

This report provides a detailed analysis of the prospects for the global construction industry up to 2028.

GlobalData forecasts global construction output to rise by 2.3% in 2024, following a year of consolidation and disinflation. This proceeds stronger growth of 4.3% in 2023, driven by government stimulus programs in infrastructure and energy and utilities construction, which aimed to boost aggregate supply and reduce inflation. This marks a slight downwards revision for 2024 construction growth, following estimates of 2.5% in Q3, which are caused by lower than expected growth in China and Western Europe. The construction market in 2024, exempting the United States, can be characterised by a lack of momentum, as the long term effects of the inflationary period and elevated (but declining) global interest rates continue to impact markets. A general lack of demand across Europe, especially in manufacturing, as well as rising construction costs globally, amplified by geopolitical issues, further compound the problem. As a result, all regions par North America will register lower growth in 2024 than 2023. However, into 2025, inflation has vastly returned to central banks respective targets, allowing for further monetary easing, parring heated economies such as Brazil. Furthermore, as lower interest rates start to affect the real economy, growth prospects are projected to improve over the forecast period. This will be especially beneficial for residential construction - the largest subsector - that following two years of decline, is set to return to growth in 2025 and drive expansion in the global construction market. GlobalData forecasts global construction output to increase to 2.8% in 2025, before expanding by a further 3.7% in 2026

Scope

• An overview of the outlook for the global construction industry to 2028.
• Analysis of the outlook for the construction industry in major global 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.
• A comprehensive benchmarking of 91 leading construction markets according to construction market value and growth
• Analysis of the latest data on construction output trends in key markets.

• Evaluate regional construction trends from insight on output values and forecast data to 2028. 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.