Construction Market Size, Trends and Growth Forecasts by Regions and Countries, 2024-2028

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

$4950
Buy Report View Sample

Published: March 31, 2024 Report Code: GDCN0035GO-ST

Select Item

This report provides a detailed analysis of the prospects for the global construction industry up to 2028.

The challenging macroeconomic and geopolitical environment will see growth in the global construction industry slow in 2024. Real global construction output is anticipated to grow by 1.6%, having grown by 4.1% in 2023. Although the slowdown is being felt across many markets, growth in advanced economies is expected to be more impacted – with growth in 2024 falling by 1%, driven by lower output in Western Europe. In comparison, growth in emerging markets will remain positive, at 3.3%, with South Asia posting the highest grow (6.0%) of any region globally. China’s real construction output will grow by 4% in 2024. Given the country’s dominance across the global construction market, global real construction output growth excluding China will be flat at 0.4%.

Construction Market Segmentation by Regions

The key regions in the construction market are the US and Canada, Latin America, Western Europe, Eastern Europe and Central Asia, South-East Asia, South Asia, Australasia, North-East Asia, Middle East and North Africa, and Sub-Saharan Africa. In 2023, North-East Asia accounted for the largest construction market growth.

North-East Asia: The construction industry growth in North-East Asia continued to strengthen in the third quarter of 2023, bolstered by robust activity in China and further improvement in South Korea. In 2024, however, there might be a contraction in the construction output in South Korea. Moreover, there might be a sustained decline in construction orders in China. Potential upsides will garner stronger growth in Taiwan, following its contraction in 2023, as external demand rises with the improving global economic activities.

US and Canada: The US construction industry grew in 2023 due to a marked improvement in construction output growth in Q3 2023. Although high mortgage rates, increasing construction costs, and labour shortages have negatively impacted residential construction activities, non-residential construction sectors have continued to expand. However, Canada’s construction industry is expected to decline in 2024. This is mainly because of high interest rates and rising construction costs will impact the demand for residential sector construction.

Latin America: High inflation, high-interest rates, poor fiscal metrics, and political unrest will continue to hamper Latin America’s growth potential. The construction industry will record a contraction in 2024. On the bright side, signs of inflationary pressure are subsiding and easing the way for industry growth.

Construction Market Analysis by Regions, 2023 (%)

Construction Market Analysis by Regions, 2023 (%)

Buy the Full Report for More Regional Insights into the Construction Market

Download A Free Sample Report

Segments Covered in the Report

Construction Market Regional Outlook

  • US and Canada
  • Latin America
  • Western Europe
  • Eastern Europe and Central Asia
  • South-East Asia
  • South Asia
  • Australasia
  • North-East Asia
  • Middle East and North Africa
  • Sub-Saharan Africa

Scope

• An overview of the outlook for the global construction industry to 2028.

• Analysis of the outlook for the construction industry in major global regions: North America, Latin America, Western Europe, Eastern Europe, South Asia, South-East Asia, North-East Asia, Australasia, the Middle East and North Africa, and Sub-Saharan Africa.

• A comprehensive benchmarking of 91 leading construction markets according to construction market value and growth

• Analysis of the latest data on construction output trends in key markets.

Reasons to Buy

• Evaluate regional construction trends from insight on output values and forecast data to 2028. Identify the fastest growers to enable assessment and targeting of commercial opportunities in the markets best suited to strategic focus.

• Identify the drivers in the global construction market and consider growth in emerging and developed economies. Formulate plans on where and how to engage with the market while minimizing any negative impact on revenues.

Table of Contents

1 Global Outlook

2 Regional Outlook: US and Canada

2.1 Overview

2.2 Key Updates

3 Regional Outlook: Latin America

3.1 Overview

3.2 Key Updates

4 Regional Outlook: Western Europe

4.1 Overview

4.2 Key Updates

5 Regional Outlook: Eastern Europe & Central Asia

5.1 Overview

5.2 Key Updates

6 Regional Outlook: South-East Asia

6.1 Overview

6.2 Key Updates

7 Regional Outlook: South Asia

7.1 Overview

7.2 Key Updates

8 Regional Outlook: Australasia

8.1 Overview

8.2 Key Updates

9 Regional Outlook: North-East Asia

9.1 Overview

9.2 Key Updates

10 Regional Outlook: Middle East and North Africa

10.1 Overview

10.2 Key Updates

11 Regional Outlook: Sub-Saharan Africa

11.1 Overview

11.2 Key Updates

Appendix

About GlobalData

Contact Us

Table

Table 1: Global Construction Output Growth (Real, % Change), 2021–2028

Table 2: North America, Construction Output Value (Real, $ 2022 Billion), 2018–2028

Table 3: Latin America, Construction Output Value (Real, $ 2022 Billion), 2018–2028

Table 4: Middle East and North Africa, Construction Output Value (Real, $ 2022 Billion), 2018–2028

Table 5: Sub-Saharan Africa, Construction Output Value (Real, $ 2022 Billion), 2018–2028

Table 6: South-East Asia, Construction Output Value (Real, $ 2022 Billion), 2018–2028

Table 7: South Asia, Construction Output Value (Real, $ 2022 Billion), 2018–2028

Table 8: North-East Asia, Construction Output Value (Real, $ 2022 Billion), 2018–2028

Table 9: Australasia, Construction Output Value (Real, $ 2022 Billion), 2018–2028

Table 10: Western Europe, Construction Output Value (Real, $ 2022 Billion), 2018–2028

Table 11: Eastern Europe & Central Asia, Construction Output Value (Real, $ 2022 Billion), 2018–2028

Table 12: US and Canada, Construction Output Growth (Real, % Change)

Table 13: Latin America, Construction Output Growth (Real, % Change)

Table 14: Western Europe, Construction Output Growth (Real, % Change)

Table 15: Eastern Europe and Central Asia, Construction Output Growth (Real, % Change)

Table 16: South-East Asia, Construction Output Growth (Real, % Change)

Table 17: South Asia, Construction Output Growth (Real, % Change)

Table 18: Australasia, Construction Output Growth (Real, % Change)

Table 19: North-East Asia, Construction Output Growth (Real, % Change)

Table 20: Middle East and North Africa, Construction Output Growth (Real, % Change)

Table 21: Sub-Saharan Africa, Construction Output Growth (Real, % Change)

Figures

Figure 1: Global Construction Output Value by Sector (Real, Index 2019=100), 2021–2028

Figure 2: Global Construction Output Value by Region (Real, 2022 $ Billion), 2020–2028

Figure 3: Global Construction Output and GDP by Region and Sector, 2024

Figure 4: Construction Output Growth vs Risk, by Country

Figure 5: US and Canada, Construction Output Value (Real, $ 2022 Billion)

Figure 6: Canada, Construction Employment, In Thousands, In Seasonally Adjusted Terms

Figure 7: The US, Total Residential Construction Value Put in Place (US$ Million, Non-Seasonally Adjusted)

Figure 8: Latin America, Construction Output Value (Real, $ 2022 Billion)

Figure 9: Brazil, National Construction Cost Index – M (INCC-M), August 94=100

Figure 10: Mexico, Construction Confidence Index, In Seasonally Adjusted Terms

Figure 11: Chile, Number of Workers in the Construction Industry, In Thousands

Figure 12: Western Europe, Construction Output Value (Real, $ 2022 Billion)

Figure 13: Germany, Construction Value Add (2015 Chain Volume, EUR Million)

Figure 14: Spain, Construction Value Add (2015 Chain Volume, EUR Million)

Figure 15: France, Construction Value Add (2015 Chain Volume, EUR Million)

Figure 16: Italy, Construction Value Add (Chain Volume, EUR Million, Seasonally Adjusted)

Figure 17: UK, Construction Output Volume (Chain Volume, Seasonally Adjusted, GBP Million)

Figure 18: Eastern Europe and Central Asia, Construction Output Value (Real, $ 2022 Billion)

Figure 19: Turkey, Construction Value Add (TRY Million, 2009 Chained Volume)

Figure 20: Russia, Construction Activity Volume Index

Figure 21: Poland, Construction Value Add (PLN Million, 2015 Chained Volume)

Figure 22: Slovakia, Construction Value Add (EUR Million, 2015 Chained Volume)

Figure 23: Hungary, Construction Value Add (HUF Million, 2015 Chained Prices, Seasonally Adjusted)

Figure 24: South and South-East Asia, Construction Output Value (Real, $ 2022 Billion)

Figure 25: Indonesia, Construction Value-Add (IDR Billion, 2010 Prices, Seasonally Adjusted)

Figure 26: Thailand, Construction Value-Add (THB Million, Seasonally Adjusted Chained Volume Measures)

Figure 27: Singapore, Construction Value-Add (SGD million, 2015 Chained Prices, Seasonally Adjusted)

Figure 28: Malaysia, Construction Value-Add (MYR Million, 2015 Prices, Seasonally Adjusted)

Figure 29: Philippines, Construction Value-Add (PHP Billion, 2018 Prices)

Figure 30: Vietnam, Construction Value-Add (VND Billion, 2010 Prices)

Figure 31: South Asia, Construction Output Value (Real, $ 2022 Billion)

Figure 32: India, Construction Value-Add (INR Billion, Constant Prices)

Figure 33: Sri Lanka, Construction Value-Add (Billion, 2015 Constant Prices)

Figure 34: Australasia, Construction Output Value (Real, $ 2022 Billion)

Figure 35: Australia, Construction Work Done (AUD Million, Chained 2018 Prices, Seasonally Adjusted)

Figure 36: Australia, Construction Value Add (Million AUD, Chained Volume Measures, 2018-19 Prices)

Figure 37: Australia, Building Approvals (Million AUD, Seasonally Adjusted, Chain Volume, 2018-19 Prices)

Figure 38: New Zealand, Volume of Building Work Put in Place, NZD million, SA Q3 2022 Prices

Figure 39: New Zealand, Construction Value-add (Million NZD, Chained Volume Measures, 2009-10 Prices)

Figure 40: New Zealand, Number of Building Consents Issued, Three-month moving average

Figure 41: North-East Asia, Construction Output Value (Real, $ 2022 Billion)

Figure 42: China, Construction Value-Add Index, Constant Prices, % Change YoY

Figure 43: Japan, Construction Orders Received, JPY Billion, 3-month Moving Average

Figure 44: South Korea, Construction Value-Add (KRW Billion, 2015 Chained Prices, Seasonally Adjusted)

Figure 45: South Korea, Value of Construction Orders Received, KRW Billion, 3-month Moving Average

Figure 46: Taiwan, Construction Value-Add, TWD Million, 2016 Chained Prices

Figure 47: Hong Kong, Gross Value of Construction Work Performed, HKD Million, Seasonally Adjusted 2000 Chained Prices

Figure 48: Middle East and North Africa, Construction Output Value (Real, $ 2022 Billion)

Figure 49: Saudi Arabia, Construction Value-Add (SAR Million, Constant Prices)

Figure 50: Bahrain, Constructions Value Add (BHD Million, 2010 Constant Prices)

Figure 51: Sub-Saharan Africa, Construction Output Value (Real, $ 2022 Billion)

Figure 52: South Africa, Construction Value Add (ZAR Billion, Constant 2015 Prices)

Figure 53: Nigeria, Construction Value-Add (NGN Million, Constant Prices)

Frequently asked questions

Construction Market Size, Trends and Growth Forecasts by Regions and Countries, 2024-2028 standard reports
Currency USD
$4,950

Can be used by individual purchaser only

Most Popular
$9,900

Can be shared by unlimited users within one corporate location e.g. a regional office

$14,850

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Add to Basket

Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Construction Market Size, Trends and Growth Forecasts by Regions and Countries, 2024-2028 was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

 Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

 Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

 Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

 Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

 Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

 Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

 Senior Account Manager, TSYS

Related reports

View more Construction reports
Construction
New
Saudi Arabia Construction Market Size, Trend Analysis by Sector, Competitive…
$1,495 | March 2024
Construction
New
Healthcare Construction Project Insights and Analytics (Q1 2024)
$1,950 | March 2024
Construction
New
Railway Construction Project Insights and Analytics (Q1 2024)
$1,950 | March 2024
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Construction Market Size, Trends and Growth Forecasts by Regions and Countries, 2024-2028 in real time.

  • Access a live Construction Market Size, Trends and Growth Forecasts by Regions and Countries, 2024-2028 dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.
Tell me more