[b]Synopsis[/b]

The report Provides the CIC’s view of the outlook to 2020 for the global economy and the global construction industry, and how the industry will evolve in all major countries worldwide.

[b]Summary[/b]

The global construction industry has regained growth momentum, with the pace of expansion accelerating from an annual average of 2.7% a year in real terms in 2011–2013 to 3.1% in 2014. Timetric’s Construction Intelligence Center (CIC) forecasts a further rise to 3.8% in 2015, and then an average annual increase of 3.9% over 2016–2020. Based on the CIC’s Global 50, a grouping of the 50 largest and most influential markets in the world, the global industry is projected to grow from US$7.4 trillion in 2010 to US$8.5 trillion in 2015 and to US$10.3 trillion in 2020, when measured at constant 2010 prices and exchange rates (real 2010 US$).

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[b]Scope[/b]

• An overview of the outlook for the global economy
• An assessment of the outlook for the global economy, broken down by major regions
• A review of global construction risk
• Highlights from the CIC's Global Survey on Potential and Challenges in Construction
• Profiles for 50 major markets, including an overview, focus points and risk watch

[b]Reasons to buy[/b]

• Gain an understanding of general state of the global economy and construction industry.
• Analyse performance region-by-region and country-by-country and gain insight into key issues affecting the construction industry.
• Learn about opinions of key industry leaders on challenges and opportunities, with highlights from CIC surveys, to contrast views with your own and be alerted to issues in new markets.
• Review top-line risks in the industry, with country rankings and highlights from CIC Construction Risk Index, to assist in market expansion plans.

[b]Key HighLights[/b]

• Based on the CIC’s Global 50, a grouping of the 50 largest and most influential markets in the world, the global industry is projected to grow from US$7.4 trillion in 2010 to US$8.5 trillion in 2015 and to US$10.3 trillion in 2020, when measured at constant 2010 prices and exchange rates (Real 2010 US$).

• The construction industries in emerging markets are forecast to continue to grow at a much faster rate than the advanced economies. With reference to the CIC Global 50, emerging markets accounted for more than half of the world’s construction output for the first time ever in 2012 (at 2010 US$) and by 2020 it will have a 56% share.

• From 2016-2020, the construction industries in advanced economies combined are forecast to expand by 2.2% a year on average, while emerging markets will record a 5.3% annual expansion during the same period. However, the advanced economies are at least improving, with growth accelerating from just 0.6% a year on average in 2011-2015.

• The construction industries in the Middle East and Africa region are predicted to be the fastest growing in 2016-2020, overtaking the Asia-Pacific region, which held the top spot in 2011-2015. This reflects the huge investment in infrastructure and buildings that is taking place in Qatar, Saudi Arabia and the United Arab Emirates (UAE), while the slowing rate of growth in China’s construction industry is a key factor driving the deceleration in Asia-Pacific. However, Asia-Pacific’s share of the global construction industry will continue to rise, reaching close to 49% in 2020, up from 40% in 2010.

• The precarious state of the Eurozone, which has intensified following the election of an anti-austerity party in Greece, will continue to undermine investor confidence in the region. However, in general the worst is over for the region’s construction industry. Many of the countries that had suffered double-digit declines in construction output in the wake of the financial crisis are now turning a corner and starting to grow again. However, reflecting the extent of the decline, it will be after 2020 that the construction industry in Western Europe will return to the pre-crisis levels. The US will also fail to surpass its pre-crisis high by 2020.

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