Top 5 construction growth markets to hit $17.5 trillion by 2030
Global professional services consultancy Procorre has located five areas where the construction market will increase to $17.5 trillion by 2030. These are the United Kingdom, Egypt, Qatar, India and Mexico. With an increased need for specialist contractors to support the development of existing infrastructures, an increased number of opportunities for contractors will become available.
James Alexander, Director of Global Mobility at Procorre said: “These five geographical hotspots have seen the most impressive growth since the global recession hit in 2008 and are continuing to see high levels of government and private investment. This in turn is sparking an employment boom which is helping projects get off the ground, as well as complete on time and on budget.”
With an increased population, India and Mexico are aiming to build over a million new homes over the next 10 years. India is predicted to become the world’s largest construction market by 2030, with the development of the ‘Delhi Mini Smart City Development Programme’, incorporating the ‘redevelopment of 1,000ha of land adjoining the New Delhi railway station into a mini-smart city’.
Alexander continued: “Countries like India, Mexico and Egypt are calling out for industry professionals with project management skills, as well as quantity surveyors, architects and civil engineers, all of which lend themselves to contracting. We understand that people are cautious about getting back into construction, but contracting is a great way of testing the waters before committing to permanent work.”
In addition to increased populations and need for housing, the United Kingdom and Egypt are developing their transport links to accommodate this increased demand. The United Kingdom is currently undertaking the development of Crossrail, alongside Egypt’s extension of their Metro Line, which will support Cairo’s increased population.
Read the July 2016 issue of Construction Global magazine