The near-term outlook for the global economy remains clouded by a surge in inflation and supply chain bottlenecks, and the Delta variant remains a threat. However, Oxford Economics forecasts in this newly published global forecast Future of Construction, the global construction industry is set to lead global economic recovery from the pandemic over the medium-term and is expected to grow faster than the manufacturing or service sectors.
The global construction market is expected to grow by US$4.5 trillion over the decade to 2030 to reach US$15.2 trillion. To better understand this and prepare for the future with our clients, Marsh and Guy Carpenter chose to partner with Oxford Economics on this project because of its deep industry expertise which, underpinned by advanced data-led analysis, provides genuinely valuable insights to those determining their future strategic direction within industry segments.
As this report makes clear, climate change and its risk and opportunities represent the construction industry’s biggest challenge. ESG and green financing will drive a greener recovery from the pandemic. This report also highlights that the emergence of a deconstruction industry that will reuse existing built assets and tools that will help in the disclosure of the carbon footprint for any new asset ahead of physical construction will become the new norm.