Global construction market will surge through 2020
The global construction market will swell 70% by 2020, driven by China, India and the U.S., according to a report by Global Construction Perspectives and Oxford Economics.
The market is expected to grow by $4.8 trillion. China -- which last year became the world's largest construction market, overtaking the U.S. -- will account for 21% of the global total in 2020, the report says.
Global construction output will grow to US$ 12 trillion by 2020, a +70% increase on this year's figure of US$ 7.2 trillion, according to a new report by Global Construction Perspectives and Oxford Economics. The report, Global Construction 2020, goes on to say that half of the US$ 4.8 trillion increase will come from China, India and the US.
"Construction has never seen such rapid growth above GDP, fuelled by the emerging super powers of China and India and a rebound in US construction," said Graham Robinson, one of the report's authors.
The report also says that 2010 saw China overtake the US as the world's largest construction market, driven by the government's stimulus spending plan. The Chinese construction market is expected to more than double in size by 2020 to a value of US$ 2.5% trillion - about 21% of the global total.
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Source: KLH.com
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