The prediction is based on an 3.6% annual increase from 2017 to 2022. Therefore, the $10.8 trillion industry market output that was produced in 2017 will experience a 20% rise reaching the amount of $13 trillion at the end of the period.
According to the report, construction industry is mostly supported by emerging markets that grow in a higher rate than advanced economies. Specifically, Africa and Middle East are expected to grow by an average of 6.4% per year.
Middle East has experienced large investments in constructions projects. A large amount of those projects is related to public transport which is growing rapidly in the region. Moreover, Qatar, the fastest growing industry in the world where infrastructure projects thrive, is investing large amounts of money in facilities concerning the 2022 FIFA Football World Cup that will be hosted there. Construction development will also rise in India while it is expected to remain slow but stable to an average growth of 4.2% until 2022 in China.
Latin America showed decline in construction activity in 2017. The situation is expected to improve, growing by 1.0%, in 2018 but the market is considered risky at the moment.
In Africa, the pace of growth will reach an average of 6.6%. Two counties that will significantly accelerate their construction activities are Nigeria and Ethiopia.