CIC - Construction Intelligence Center

Global Construction Outlook to 2022 (Q4 2018) - Key Highlights

  • Published:Thursday, December 13, 2018


GlobalData has revised downwards the forecast for growth in the global construction industry over the forecast period (2018–2022) to an annual average of 3.4% from 3.6% previously.

 

The revision primarily reflects a weaker estimated outturn in 2018 in China and South Korea, which has pulled the forecast for growth in North-East Asia to 3.4%, as well as a flatter growth trend in the US. In real value terms (measured at constant 2017 prices and US$ exchange rates), global construction output is forecast to rise to US$12.9 trillion in 2022, up from US$10.9 trillion in 2017.

 

There are intensifying downside risks to global economic growth, notably stemming from the erupting trade war between the US and China, but the global economy will continue to expand in the range of 2.5% to 3% a year in 2018–2022. The tightening in monetary policy in major markets will push up the cost of borrowing, but given that interest rates are generally at or near historical lows, this process is not expected to have a major impact on construction activity during the early part of the forecast period. Construction output growth will improve remain at 3.1% in 2018, unchanged from the rate recorded in 2017, before accelerating to 3.5% in 2019.

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