We anticipate a 2.0% increase in global construction output for 2024, marking a 3.7% rise from 2023. Advanced economies are projected to see a growth of 1.8%, while emerging markets are expected to experience a 2.2% uptick in building activity.
The ongoing real estate challenges in China, along with lowered investment ratings, are dampening global construction prospects. Elevated materials and labor expenses in various economies are putting pressure on profit margins and causing hesitation in undertaking construction projects.
Projections indicate a stabilization in global residential construction for 2024. Elevated interest and mortgage rates are constraining household finances and dampening demand. The demand for housing is anticipated to remain subdued until broader economic conditions improve, and central banks initiate interest rate reductions.
Learn more here: https://atradius.ca/reports/industry-trends-construction-industry-trends-march-2024.html
