An Insurance Business Magazine article.
The global construction industry has remained remarkably resilient during the coronavirus pandemic, and it now looks set to be a “global engine for economic growth and recovery from COVID-19,” according to a new report from Marsh, Guy Carpenter, and Oxford Economics.
The report, entitled ‘Future of Construction: A Global Forecast for Construction to 2030,’ predicts that global construction output will grow by 42%, or US$4.5 trillion, between 2020 and 2030, driven largely by government stimuli and the demand for residential construction. In 2020, the output was US$10.7 trillion, and the report’s authors expect output to grow to approximately US$13.3 trillion by 2025 and US$15.2 trillion by 2030. Average growth in construction output is predicted to hit 3.6% per annum over the decade to 2030, which is faster than either the manufacturing or services sectors.