A Comprehensive Global Construction Industry Overview: Major Leaders, Market Size, Growth Trends, Regional Analysis, and Forecast
The growth of the global construction sector has remained relatively steady since the previous projection at the end of 2022, despite the potential impact of economic downturn pressures on construction projects. Our revised construction industry outlook take into account the ongoing low housing prices resulting from elevated interest rates and restricted mortgage availability. However, short-term estimations suggest that consistently high interest rates might exert a negative influence on the market, particularly affecting the demand for construction endeavors within the context of an economic recession.
Construction Industry Value
The worldwide construction market achieved a valuation of $14,390.8 billion in the year 2022, representing 14.4% of the global Gross Domestic Product (GDP). According to the latest construction industry forecast, the market is anticipated to experience a Compound Annual Growth Rate (CAGR) of 5.8% from 2022 to 2032. Several factors are projected to propel the construction industry demand, including:
- Increased government spending on infrastructure development
- Advancements in sustainable or “green” construction practices
- Escalation of industrialization initiatives
This construction industry growth is underpinned by a substantial consumer base in both advanced and developing nations, with substantial investments being made in housing, commercial properties, and various construction-related ventures. Developing countries, in particular, are channeling significant resources towards enhancing their existing infrastructure and establishing economic corridors to attract Foreign Direct Investments (FDIs), thus contributing to the overall global construction sector.
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Largest Construction Industry Segment and Geographic Region
The segment of building construction constituted the largest share, accounting for 48.1% of the entire construction market in the year 2022. Notably, the USA took the lead as the foremost market, holding a 21.7% stake in the global construction industry during the same period.
Access exclusive insights on construction industry trends using The Global Market Model, focusing on crucial industry metrics within the construction sector, including:
- Number of households
- Expenditure on construction
- Quantity of new households
- Count of enterprises
- Number of employees
Leverage the capabilities of the Global Market Model to gain access to essential information within the construction industry. Our expertise is dedicated to meeting your distinct needs-
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The Global Market Model stands as the world’s most extensive database of market forecasts. Projections for over 7000 markets are regularly updated on a quarterly basis, taking into account economic, geopolitical, and sector-specific factors. The present forecast, conducted in June 2023, revises prior projections made in December 2022.
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SOURCE The Business Research Company