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India to be a 'new engine' of global construction growth to 2030 – report

Global construction output will grow 85% to $15.5 trillion by 2030, according to the Global Construction 2030 report released today in London, with India expected to ‘provide a new engine of global growth’ – its construction industry will expand almost twice as fast as China’s over the next 15 years.
The report, the fourth instalment of the Global Construction series from Global Construction Perspectives and Oxford Economics, forecasts worldwide construction growth of 3.9% per year from now to 2030. 70% of this growth will be provided by just eight markets – China, the US, India, Indonesia, the UK, Mexico, Canada and Nigeria. 
The Indian construction market is a particular standout in the report. The authors predict a ‘surge in construction’ in the country, helping it overtake Japan to become the world’s third-largest construction market by 2021. The report cites India’s booming urbanisation rate as a key driver of this predicted growth, with 10.4 million extra inhabitants expected in Delhi alone by 2030. 170 million new houses will need to be built in India to meet demand over the next 15 years.
Elsewhere, Indonesia is expected to post ‘extraordinary growth’ – taking it to the fourth-largest construction market by 2030 – and Nigeria’s building market is expected to grow by 160% over the same period. The report’s authors predict emerging markets to return to higher growth rates, making a successful emergence from a recent slowdown. 
The Global Construction 2030 report is sponsored by WorldBuild, a range of trade exhibitions, product directory and market intelligence that connects and informs over 1 million buyers with 12,000+ suppliers to the building, architecture, design and décor industries worldwide.

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