According to recent research, the global construction market is projected to grow from $12.9 trillion in 2019 to $21.5 trillion by 2023. This impressive growth forecast can be attributed to several factors. One of the main drivers is increased investments in infrastructure and real estate projects, particularly in emerging markets. Such investments are expected to provide a significant boost to the construction market in the coming years.
Another factor contributing to the growth forecast is the technological advancements in the construction industry. The adoption of technology has enabled contractors to streamline their processes and reduce project timelines, resulting in increased efficiency and cost savings. The use of tools such as drones and Building Information Modelling (BIM) has transformed the construction industry and made it much more sophisticated than ever before.
The construction market in North America is also expected to experience growth in the coming years, particularly in the United States. The growth can be attributed to several factors, including the government’s emphasis on infrastructure development and increased investments in the real estate sector. The growth in demand for affordable housing is another driver of the construction market in North America.
The future looks bright for the construction industry, with a projected growth forecast of $21.5 trillion by 2023. Emerging markets, increased investments in infrastructure, technological advancements, sustainability practices, and the growth in affordable housing are all expected to drive this growth. As a PlanHub contractor, it is essential to stay informed and ahead of the curve to remain competitive in the construction market. By staying informed and adopting innovative practices, contractors can tap into this growth opportunity and reap the benefits.
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