Global construction spending projected to double by 2037.

Emerging from the turmoil of the last few years, the outlook for the global construction industry over the next 15 years is very bright according to a report in International Construction magazine. The industry is projected to grow from US $9.7 trillion in 2022 to US $13.9 trillion by 2037 with the US, China and India accounting for nearly half of the total increase.

That is the conclusion of Global Construction Futures, a major study by a team of construction economists at Oxford Economics. Much of that growth will be driven initially by investments in infrastructure projects like the HS2 rail line and new nuclear power plants in the U.K. Progress toward zero carbon goals, nearshoring efforts and super-high growth from the ‘ASEAN Tigers’, India and Bangladesh will add to the trend.

Overall, the world’s top 10 economies are expected to account for 70 percent of the projected growth by 2037.