International. A new report, "Global Construction 2030," forecasts that construction production volume will grow 85% to $15.5 trillion worldwide by 2030, with three countries – China, the United States and India – leading the way and accounting for 57% of all global growth.
The benchmark global study shows the average growth of global construction of 3.9% per year until 2030, exceeding that of world gross domestic product (GDP) by more than one percentage point, driven by developed countries recovering from economic instability and emerging countries continuing to industrialize.
China's construction growth is expected to slow considerably with a fall in housing and the first drop in housing output that China will record this year. But, its transition to a consumer economy and services-driven services offer opportunity for growth in new types of construction in health care, education and social infrastructure, as well as retail end markets and other consumers. The abolition of China's one-child policy adds momentum to the long-term vision.
The construction market in India is projected to grow almost twice as fast as China by 2030, providing a new engine of global growth in emerging markets. India's urban population is expected to grow to 165 million by 2030, expanding Delhi by 10.4 million people to become the world's second largest city.
In the U.S., construction growth will tilt toward southern states, reflecting the region's increased catch-up potential and higher population growth.
For Europe, while not recovering to reach pre-crisis levels until 2025, the UK is a prominent growth market, overtaking Germany to become Europe's largest and the world's sixth largest construction market by 2030.
