Construction to outstrip growth in manufacturing globally over the next 10 years: report

Three Asian countries alone - China, India and Indonesia - will account for about 47% of global construction growth

Angela Tan

Published Sat, Oct 16, 2021 · 05:50 AM

Singapore

THE construction industry is set to lead global economic recovery from the Covid-19 pandemic, overtaking growth in the manufacturing sector in the decade to 2030.

According to Future of Construction, a forecast produced by Oxford Economics and Marsh McLennan companies Marsh and Guy Carpenter, the global construction market is expected to grow by US$4.5 trillion over the next 10 years to reach US$15.2 trillion by 2030. This is up 42 per cent from US$10.7 trillion in 2020, and 35 per cent higher than the previous decade to 2020.

From now to 2025, construction growth is projected to average 4.4 per cent, w…