New Delhi: The global construction market is
expected to soar to a size of USD 12.7 trillion by 2020 with the sector output likely to rise sharply over the next decade driven by emerging markets like India, China and Brazil, a report says.
According to a report by consultancy Global Construction
Perspectives and economic forecasting firm Oxford Economics,
the global construction market would be worth an estimated USD
12.7 trillion in 2020 from about USD 7.5 trillion at present.
"Construction in major emerging markets such as India and
China will see much higher levels of growth than developed
countries by 2020. Growth in construction output in India will
accelerate faster than in China up to 2020, but we expect
growth in GDP to be higher in China," the Global Construction
2020 report stated. It expects construction output to grow by more than three times in emerging markets compared to developed ones by the next decade.
"The predicted sharp rise in construction levels will be
a reflection of strength of markets in emerging economies such
as India, Brazil and China, who are set to double output over
the next decade," RICS Chief Economist Simon Rubinsohn, who
was closely involved with the team preparing the report, said.
RICS, an independent professional body, leads the world
when it comes to professional standards in land, property and
construction.
Bureau Report
First Published: Monday, November 16, 2009, 20:20