'Future of Construction' report forecasts construction growth to outpace the manufacturing and services sectors this decade

Construction will be an engine of global economic growth in the decade to 2030, with output expected to be 35% higher than in the ten years to 2020, according to a new global forecast.The report, titled Future of Construction, by Oxford Economics and Marsh McLennan subsidiaries March and Guy Carpenter projects that growth in construction output will average 3.6% per year from now until 2030, outpacing that of the manufacturing and services sectors. According to the study, this is driven by swift recovery from the Covid-19 pandemic and stimulus support from governments. The spending of accumulated excess household savings and demand for residential space is also credited as a factor behind this growth.  Growth will be concentrated in China, India, the United States, and Indonesia, which will account for 58.3% of estimated global expansion. Infrastructure is expected to be the fastest growth sector for construction over the decade, driven by government stimulus plans fueling global infrastructure projects, such as the $1.2 trillion bipartisan infrastructure bill in the U.S.  Related on Archinect: The 2020s are shaping up to be a banner decade for adaptive reuse pro...