Even during the uncertainties at the height of the Covid-19 pandemic, large scale infrastructure projects continued to be both worked on and new projects given the green-light. There has been little let up in governments committing to such projects.
The strong growth reported by many companies in 2022 occurred with a downbeat Chinese market due to the country’s zerotolerance approach to Covid, but that policy has changed. The IMF revised its prediction for China’s growth outlook for 2023, to 5.2% from 4.4% following this change of policy.
Global Data believes that global construction growth in 2023 will be 1.8%, similar to 2022. The demand for construction is likely to outweigh the supply in 2023 and beyond.