Construction Industry by 2030

Goals

To determine the size of the global construction industry for hospitality, single family residential, multi-family, and senior living buildings in 2030 in an attempt to justify the market size to show that even a small share of the market is large enough.

Early Findings

  • The global hotel construction pipeline reached an eight-year high of 13,573 new projects under construction with 2.27 million rooms at the end of 2018. This represents a 7% increase in terms of projects and 6% increase in terms of rooms.
  • The US accounted for 41% of the total global pipeline with China standing next with a 20% share.
  • "The global construction industry is expected to reach an estimated $10.5 trillion by 2023, and it is forecast to grow at a CAGR of 4.2% from 2018 to 2023."
  • "The global market for residential building construction totaled $4,171.3 billion in 2017 and is estimated to reach $6,800.9 billion by 2022, growing at a compound annual growth rate (CAGR) of 10.3% during 2017-2022."
  • "A new report released today – Global Construction 2030 – forecasts the volume of construction output will grow by 85% to $15.5 trillion worldwide by 2030, with three countries – China, US and India – leading the way and accounting for 57% of all global growth."

Proposed next steps:

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