Construction Upticks Expected in Asia, India
Global construction volume is predicted to reach $15 trillion by 2025 with 60 percent of total growth concentrated in China, India, and the U.S., according to a benchmark study by Global Construction Perspectives and Oxford Economics.
China leads the pack, boasting the world’s largest construction market after overtaking the U.S. three years ago. Meanwhile, India is expected to surpass Japan as the third-largest construction market by 2025 with 7.4 percent projected annual construction growth.
“World construction markets are at a tipping point already with 52 percent of all construction activity in emerging markets today,” says Graham Robinson, executive director at Global Construction Perspectives. “We expect to see this increasing to 63 percent by 2025 with China and India contributing most to growth in emerging markets.”
Other Asian markets are poised to take advantage of an expected construction slowdown in China, which is spurring growth across the region. Construction in other emerging economies such as Vietnam, the Philippines, and Indonesia, are expanding at 6 percent annually. Driven by export-saturated manufacturing, these countries combined represent a $350 billion construction market.