The construction sector is set to power the world’s economy over the next decade as high levels of residential building activity drive near-term growth and infrastructure investment underpins longer-term momentum, a new report says.
In its latest forecasts, Oxford Economics says it expects the overall value of worldwide construction output to grow by 35 percent from $US10.7 billion in 2020 (constant 2017 prices) to $US15.2 billion in 2030.
In its report, Oxford said global construction activity declined by 4.3 percent from calendar 2019 to calendar 2020 following the onset of the worldwide pandemic
However, the sector has rebounded and output is expected to grow by 6.6 percent in 2021. Continue reading here