Over the next few years, the leaders of the growth of the global construction market will be China's economy, the U.S. and India, growth of which will provide about 50% of global growth in the construction industry in 2011-2020 years - such a forecast of analyst firms make specialists Global Construction Perspectives (GCP) and Oxford Economics to study global construction market, the general sponsored by the this year's PwC.
Related article: Named the most overpriced real estate markets in the worldAccording to forecasts GCP and Oxford Economics, the growth in the construction industry for ten years will be about 70% of its turnover to increase from 7.2 trillion dollars in 2010 to $ 12 trillion in 2020, well above any projected world economic growth in these years.
The main components of the forecast - a doubling of the construction market of China in 2020 to 2.5 trillion dollars out of India the third largest in the world in terms of the construction market (which surpass Japan in this place - note the report released March 3, before the earthquake in Japan, so estimates that it will happen in 2018, obviously, can be revised) and the rise of the construction market in the U.S.. The latter circumstance suggests a very rapid recovery of the U.S. economy - the report suggests just that, speaking of the "cyclical upswing in the construction industry with double-digit growth in the short term as the housing sector and in non-residential sector."
Four more hot construction market in the years 2011-2020, according to the authors of the study - is Indonesia, Canada, Australia and Russia. These countries have, on the basis of submitted GCP, and Oxford Economics Data, a $ 750 billion growth in the next decade, or more than 16% of global growth in the construction industry, growth - they assume significantly higher average.
However, now the basis of the report data Russia in the top 15 world construction powers, apparently, is not included - the growth of "above market" will allow it to take place in 2020 in the closing Six list of the 15 largest construction markets.
Graham Robinson, Director, Global Construction Perspectives and author of the report, said in a press release dedicated to the study: "Never before in the building had experienced the fastest growth, outpacing GDP growth is now. It came thanks to the new superpowers - China and India - and recovery American construction industry. " Based on the fact that the mechanisms of growth in the construction industry the world has changed, we are talking about a new long cycle form a "bubble building" with the capture of new markets.