拢60tr to be spent on construction globally in next ten years
China鈥檚 construction activity will continue to outstrip that of the US for the foreseeable future according to a new report.
Construction expenditure in China reached 拢1tr last year propelling it above the US to become the world鈥檚 largest construction market.
The report predicts a total of 拢60tr will be spent on construction globally over the next 10 years, with China accounting for 21% of this figure.
India is also forecast to overtake Japan as the world鈥檚 third largest construction market by 2018.
Global Construction Perspectives produced the report in partnership with PwC and Oxford Economics.
Graham Robinson, director of Global Construction Perspectives, said:
鈥淐onstruction has never seen such rapid growth above GDP, fuelled by the emerging super powers of China and India and a rebound in US construction.鈥�
Jonathan Hook, construction global leader with PwC, said:
鈥淐orporates need to work out how to deploy skills and develop the best alliances to benefit from the exciting growth opportunities that exist.鈥�
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