New York, July 27, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Construction Market Size, Trends and Growth Forecasts by Key Regions and Countries, 2023-2027" - https://www.reportlinker.com/p06277057/?utm_source=GNW
Summary
This report provides a detailed analysis of the prospects for the global construction industry up to 2027.
The global construction industry will record a marked slowdown in output in real terms (constant prices) in 2023, with an expansion of just 0.7%, down from 2.2% growth last year. The deceleration reflects the challenging conditions in most markets around the world in the form of high inflation and a tightening in monetary policy that has dampened investment. Excluding China, the global construction industry will contract by 0.6% in 2023, following a marginal expansion of 0.6% last year.
The gloomy prediction for 2023 reflects ongoing weakness in the US, which shrank by 8.2% last year, along with an expected contraction of 3.3% in Western Europe. In many markets across Europe there has been a sharp drop in residential building permits, as high interest rates and construction costs are taking a toll on new investment. Globally, residential construction had generally recovered well from the downturn in 2020 amid the COVID disruption, with government incentive schemes and a build-up of household savings helping to drive up residential building work, particularly on the renovation side to improve energy efficiency. However, with rising interest rates and a squeeze on household incomes from rising cost of living, as well as housebuilders having to pass on the surge in construction costs, growth in the residential sector slowed sharply in 2022, and is now predicted to contract by 7.8% in 2023, and drop further by 1.9% next year
Scope
- An overview of the outlook for the global construction industry to 2027.
- 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 2026. 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.
Read the full report: https://www.reportlinker.com/p06277057/?utm_source=GNW
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