by jbs112809 c3 — December 2, 2009—Global Construction Perspectives and Oxford Economics recently published Global Construction 2020, comprised of global construction forecasts for the next decade. The report estimates that today’s global construction market is worth $7.5 trillion in 2008 prices, and that in 2020 it will be worth an estimated $12.7 trillion in 2008 prices.
The researchers expect developed countries to lag emerging markets with zero growth in developed countries in 2010 but accelerating to 4.4% in 2011. They expect construction markets in the United States, United Kingdom, Canada and Australia to rebound more quickly than other developed countries in the forecast.
According to the report, construction in major emerging markets such as India and China will see much higher levels of growth than developed countries to 2020, and China is expected to overtake the United States as the largest construction market by 2018.
Growth in construction output in India is expected to accelerate faster than in China up to 2020, but growth in GDP is expected to be higher in China. Growth in construction output in emerging markets is expected to be more than three times that of developed countries over the next decade.
