$97.7 trillion to be spent on global construction by 2020
Despite all the negative reports surrounding the economy in the press and the future of the construction industry, 2011 has been an excellent year for the industry so far. And it’s about to get even better, as global construction will grow by 67% by 2020.
A new report by Global Construction Perspectives and Oxford Economics predicts that a total of $97.7 TRILLION will be spent construction globally over the next decade.
The construction industry is currently worth an estimated $7.2 trillion worldwide, and the Global Construction 2020 report predicts that the industry will grow by 67% to a staggering $12 trillion by 2020.
So which countries will be responsible for this huge surge in the construction industry? Two of the world’s fastest growing superpowers, China and India. Together, China, India and the USA will contribute more than half of the $4.8 trillion increase.
China is the world’s largest construction market (they overtook the USA in 2010), and will lead the charge for the global construction industry over the next decade.
This is further positive news for the UK construction industry, after the news that the industry grew in February, which came as a surprise to many experts.
Posted on March 4, 2011, in construction jobs, construction news, Electrical News, electrician, electrician jobs, plumbing, plumbing jobs, Plumbing News, train4tradeskills and tagged construction, Construction and Maintenance, construction jobs, construction news, construction training, Global construction 2020, global economy, India, t4ts, train 4 trade skills, train4tradeskills, United States. Bookmark the permalink. Leave a comment.