Construction Sector Overview: Growth Driven By Government Infrastructure Investments And Sustainable Building Trends

2024-09-19 02:31:06

(MENAFN- EIN Presswire)

Global Construction industry 2024

Global Construction Industry 2024

The Global market Model's Global Construction Sector Overview: Growth Fueled by government Infrastructure Investments and Sustainable Building Trends

Construction activities involve building, modifying, repairing, or demolishing structures, following precise architectural plans and blueprints” - The Business Research Company

LONDON, GREATER LONDON, UNITED KINGDOM, September 19, 2024 /EINPresswire / -- The Global Market Model , the largest global database for market projections, updates forecasts for more than 10,000 markets biannually. These forecasts are based on key economic, political, and industry-specific factors. The latest update, released in July 2024, revises predictions from the earlier February 2024 edition.

Construction Industry Size and Future Growth Outlook
The Global Market Model's recent analysis estimates that the global construction industry reached a value of $15,265.14 billion in 2023. The sector is projected to grow at a compound annual growth rate (CAGR) of 5.7% from 2023 to 2033. The primary factors driving this growth include rising government infrastructure investments, increasing adoption of sustainable construction practices, and continued global industrialization.

Composition and Construction Industry Segments
Construction activities involve building, modifying, repairing, or demolishing structures, following precise architectural plans and blueprints. In 2023, the construction industry accounted for 14.6% of global GDP, with an average annual per capita expenditure of $1,937.3. The sector benefits from robust demand in both developed and emerging markets, coupled with high levels of investment in housing, commercial real estate, and infrastructure projects.
The buildings construction segment was the largest in 2023, making up 46.6% of the total construction market. This segment's growth is driven by strong investments in residential and commercial construction, particularly in urban regions.

Key Markets and Emerging Trends in the Construction Sector
The United States led the global construction market in 2023, capturing 24.5% of the total market share. The U.S. construction sector benefits from massive investments in infrastructure, housing, and commercial development, supported by stable economic conditions that facilitate continued growth.

In contrast, China's construction industry has faced significant headwinds due to financial instability among major private property developers, which has slowed down both residential and non-residential construction activities. Nevertheless, China remains a key player in the global construction landscape, with efforts underway to revitalize the sector.

Stability in Construction Market Forecasts
The current projections remain consistent with the February 2024 update. The forecast already took into account the slowdown in housing demand caused by rising interest rates and a decline in mortgage availability. As a result, the market predictions have remained steady. Although high interest rates are expected to slow growth, a potential reduction in rates by the end of the year could help alleviate some pressure on the industry.

For more detailed insights into construction industry trends, click here:
/demo-request

The Global Market Model Covers Key Industry Metrics Such As:
.Total number of households
.Infrastructure and construction spending
.New household formation rates
.Number of businesses and enterprises
.Workforce and employment figures

As a vital driver of economic growth worldwide, the construction sector continues to expand, supported by government-led infrastructure projects, the growth of sustainable construction, and increased industrial activity. The Global Market Model offers valuable insights into the future of this rapidly evolving industry, helping businesses stay ahead of market shifts.

Oliver Guirdham
The Business Research Company
+44 20 7193 0708
...
Visit us on social media:
Facebook
X
LinkedIn

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.

MENAFN19092024003118003196ID1108693647

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.