A new report entitled Global Construction 2030 predicts international construction will significantly outpace global GDP in growth terms over the next decade and a half. The increase in construction activity is attributed mostly to India, China and the United States.
The report released by Global Construction Perspective and Oxford Economics says the average annual growth of construction activity globally will be 3.9 per cent over the next 15 years. This is one percentage point higher than forecasts predict global GDP expansion during the same period.
India’s construction rate will expand at twice the rate of China’s and will become the third biggest building sector in the world by 2021.