Albany, NY (PRWEB) February 26, 2015
According to the publication, the global construction industry is currently regenerating steam and momentum. Its growth rate has increased to 3.1% in 2014 in comparison to the 2.7% per year displayed from 2011 to 2013. The report also predicts a rise of 3.8% in 2015. The average increment per year is expected to be 3.9% from 2016 to 2020.
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The report utilizes a collective analysis of the 50 largest and most influential markets around the world. Through this analysis, the report states that the global construction industry is expected to earn US$8.5 trillion by the end of 2015. The report also states the industry’s revenue in 2010 was US$7.4 trillion. Using market analysis tools, the report’s estimations for 2020 puts the global construction industry at US$10.3 trillion. The measurements made by the report have been done using constant 2010 exchange rates and prices.
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The publication also reveals that emerging nations are set to show a much higher rate of growth in the construction industry than countries with advanced economies. More than half the market share was held by the emerging economies in 2012, which was the first time in history that this has occurred. The report predicts that this market share will further increase to 56% by the end of 2020.
Advanced economies in the global construction industry are expected to grow by 2.2% per year on an estimated average. On the other hand, emerging markets will display about 5.3% expansion annually within the same time frame. The publication notes that advanced economies are still improving at a better rate than before; they registered 0.6% per year on average from 2011 to 2015.
The fastest growing regions in the global construction industry are named as Africa and the Middle East. They will overtake the Asia Pacific region, which was in the lead from 2011 to 2015.
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The rapid growth in Africa and the Middle East is attributed to large investments in buildings and infrastructure in the United Arab Emirates, Saudi Arabia, and Qatar. Meanwhile, the declining construction industry in China, the leading nation for the Asia Pacific industry, is the major reason for the region’s deceleration.
The publication adds that although the rate of growth for the Asia Pacific construction industry is slowing down, the region will still hold around 49% of the market share by 2020, which is up from its 2010 share of 40%.
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