With the rise of technology and increasing demand for ecommerce, the construction industry is experiencing growth. In recent years, more business owners than ever are preferring green buildings that will not only change their workplace landscape, but have a positive impact on the world. As someone who is a construction professional, it is key that you keep up-to-date with industry statistics. 

The Research Professionals understand how important it is for you to stay tuned into all the changes and growths that happen within the construction field globally. Here, we have listed several construction industry statistics that you must know about:

Construction Industry Stats on a Global Level

Globalization is what allows companies in the West to get in contact with and help emerging markets in developing countries. Experts suggest that there will be growth in the construction industry as the need for brick-and-mortar buildings continue. Data for the construction industry on a global level shows a reasonably steady growth. Certain regions will experience upward movements, while others will slow down.

Countries as a whole and the big cities within them will always need infrastructures to provide a foundation for social activities in the community, economic stability, and other services. Construction professionals must keep up with the changes in paradigms and how technology may play a part in the industry.

  • The area with the largest share of global construction is the Asia-Pacific region, including the markets of China, Japan, and India.
  • Fragile and declining areas for construction output will be in Argentina, Mexico, and Brazil. However, construction activity in Latin America will continue a recovery from 2019 through 2023 with an average of 3%. 
  • Growth in Africa and the Middle East is anticipated to rise around 5% each year from 2019 through 2023. 
  • The United States market for construction is planned to grow much faster than China within the next 15 years. 
  • Overall, the market for global construction will increase to $8 trillion dollars by 2030. 
  • The three driving forces behind the global construction industry growth is the United States, India, and China. 

Global construction industry challenges: 

  • About 1 in every 3 respondents said that a lack of confidence had an intermediate impact on construction delivery.
  • More than 60% of respondents said that disputes in labor had minimal impact on construction delivery. 
  • More than 65% of respondents said that shortages in skilled labor had a significant (major) effect on construction delivery. 

As Research Professionals, we take pride in providing you with the most current information about market research. We understand that your success is a priority, and that as a professional in the construction field, knowledge is power and profit. If you would like more information about global construction industry growth and challenges, then don’t hesitate to contact us so we provide you with what you need!