Construction sector set for huge growth, but labour challenges remain

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.

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