Consulting | 14 Oct 2021

Future of Construction

Future of Construction gives forecasts for global construction to 2030 as well as perspectives on climate related challenges for the construction industry.

Global construction output in 2020 was US$10.7 trillion (in 2017 prices and exchange rates) and we expect this to grow by 42% or US$4.5 trillion between 2020 and 2030 to reach US$15.2 trillion. The Global Construction industry is set to be a global engine for economic growth and recovery from COVID.

Shorter term, global construction output is expected to reach US$13.3 trillion by 2025 – adding US$2.6 trillion to output in the five years from 2020.

Asia Pacific will account for US$2.5 trillion of growth in construction output between 2020 and 2030, up by over 50% to become a US$7.4 trillion market by 2030.

Construction output in North America will grow by 32%, or US$580 billion from 2020 to 2030, to US$2.4 trillion in 2030.

Western Europe is forecast to grow by 23% between 2020 and 2030 and is expected to push up construction output to US$2.5 trillion in 2030.

Average annual growth in construction of 3.6% per annum over the decade to 2030 will be higher than manufacturing or services.

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Our economic consulting team are world leaders in quantitative economic analysis, working with clients around the globe and across sectors to build models, forecast markets and evaluate interventions using state-of-the art techniques.