Construction in the Philippines is set to grow at a rapid pace over the forecast period 2017–2021, according to the latest research from Timetric's Construction Intelligence Center (CIC).
The pace of expansion in the global construction industry will improve in the next five years, with growth averaging 2.8%, according to a new report from Timetric's Construction Intelligence Center (CIC).
Confidence levels among construction industry executives continued to rise in the first quarter of 2017, according to the latest update of Timetric’s Construction Confidence Survey.
Confidence levels among construction industry executives have risen in the last quarter of 2016, according to a new survey.
London is at the top of a list of ‘construction mega cities’ with total project values close to $426bn, according to a new report.
An ongoing and potentially revolutionary innovation within construction is the growth of modular buildings. Modular buildings are defined as prefabricated structures consisting of multiple sections termed modules. Modular construction differs from traditional forms of construction due to the fact that module sections are completed offsite before being transported to the construction site, where they are then positioned into place.
Timetric’s Construction Intelligence Center (CIC) has further revised downwards its outlook for growth in construction activity in the countries of the Gulf Cooperation Council (GCC): Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (UAE).
Youssef Ouchagour, construction industry analyst at Timetric’s Construction Intelligence Center, looks at some of China’s leading contractors, and projects that they are undertaking in Africa.
The UK construction industry is expected to experience major downside risks to growth following UK’s vote to leave the European Union, according to a new report.Timetric’s Construction Intelligence Center (CIC) new report, entitled ‘Brexit and the Impact on Construction in the UK’, concluded that the UK construction industry growth is expected to fall from 3.4% to 2.8% this year.The findings reveal the great deal of uncertainty as to what the full implications of Brexit are for the UK’s construction industry.Danny Richards, leading economist at CIC, recognizes that the industry growth started being affected during the EU referendum campaign.“Construction output growth had already started to slow ahead of the referendum, in fact output was down by 1.9% in the first quarter on a year-on-year basis, and the uncertainty that will prevail in the coming months following the referendum suggests that investment flowing into new projects will slowdown, and some works could be put on hold,” he said.Furthermore, the pace of growth in the UK construction industry in 2017 is expected to slow from 4% to 1.5% — reflecting a sharp downturn in investment as the government embarks on a two-year process of negotiating its exit from the single market.“The downwards revisions to our growth forecasts for construction output mean that the UK’s construction industry’s output in 2017 will be £4.8bn lower than what it would have been had the outcome of the referendum been in favour of the ‘remain’ campaign,” said Richards.
Construction experts remain optimistic in the strength of the industry, according to a new report, despite the first quarter of 2016 being marked by a decline in confidence levels.Timetric’s Construction Confidence Report concluded that the industry’s current confidence levels have declined from 61.5 points in Q4 2015 to 61.2 points in Q1 2016, following a downward trend that started in 2014.Even though this is the fifth successive quarter of decline, the score remains above the 50-point mark which indicates a positive outlook regarding growth prospects — and the industry is optimistic regarding growth expectations for the next six months.Danny Richards, leading economist at Timetric’s Construction Intelligence Center (CIC), recognises the positive findings, but states that the decline has had an impact in construction companies. “Although still optimistic over the potential for growth, the decline in the Current Confidence Index suggests that the level of optimism is weakening, and that it is becoming more challenging to win contracts,” he said.<iframe src="https://timetric.com/c/MBEPE5U/chart/" style="width:500px;height:350px;border:0;" frameborder="0" scrolling="no"></iframe>
Airport construction projects remain at a high with a total global investment of $638.7bn, according to a new report. The Global Airport Construction Projects report, from Timetric’s Construction Intelligence Center (CIC), concludes that even though a financial crisis has been ravaging the global economy since 2008-09, air passenger traffic has been growing at an average pace of 5% annually.Airport construction activity has been growing fast in the Asia-Pacific and Middle East & Africa regions, which have now surpassed other global regions with total planned investment in airport mega-projects of $224.1bn and $172bn respectively.In the Asia-Pacific region, China has been leading the airport construction activity with investment of $47.8bn, followed by Vietnam with projects worth $28.7bn. Due to the increase in flights to China, where Beijing Capital International Airport is the world’s second busiest airport, the $11.3bn Beijing Daxing International Airport is expected to be complete in 2025. Conversely, India’s value of airport projects is low when compared with countries in the same region.The demand in Middle East and Africa is high, with Dubai home to the world’s busiest international airport and Saudi Arabia requiring more capacity to cater the millions of visitors each year. Al Maktoum International Airport is a new airport project that will be part of Dubai World Central, providing a planned capacity of 220M passengers to the UAE.The highest-value project is the $36.2bn Istanbul New Airport development in Turkey, and the highest value pipeline project part of the planned $29.1bn Heathrow Expansion belongs to the UK, although the government has not yet given green light to the project, according to projects tracked by the CIC.Neil Martin, manager at Timetric’s CIC, said: “Global airport projects’ activity follows economic growth in the markets of Asia-Pacific and the Middle East & Africa. Both regions are registering new projects and the expansion of existing airports to service their growing economies and populations. Similarly, the developed markets of North America and Europe largely show expansion or renovation of existing airports such as London’s Heathrow and O’Hare International Airport in Chicago. “Although South and Central America is lagging behind for value of projects, there is huge potential for the upgrade of its airports infrastructure, with the new US$14 billion Mexico City project potentially providing a model for the region.”* The Global Airport Construction Projects report from Timetric’s Construction Intelligence Center provides market analysis, information and insights on over 550 large-scale live airport construction projects globally. In addition, the report also details airport construction investment in each of the five major global regions, as tracked by Timetric’s Construction analyst team. The projects are at various stages of development, from the ones that have been announced to those in execution. Read more on the report here.
A new report from Timetric’s Construction Intelligence Center has identified four national markets as key growth regions for the construction industry to 2020.
The University of Canberra has signed a $1.7bn agreement with CIC Australia for the development of up to 3,300 new residences in Belconnen, Australia.The new residences will be a mix of units and townhouses, which will be constructed over a 15-20 year period.University of Canberra vice-chancellor professor Stephen Parker said: "It is great to see another stage of our 'Educated Life' vision coming to fruition."Our vision foresees that by 2030 our campus will be a leading example of how a modern world-class university transformed its physical surroundings to create an integrated learning community where scholars, students and the public intermingle."This residential development, which is part of the university's Campus Community precinct, will see a mix of students, faculty, staff, alumni and members of the general public living in a modern, progressive, sustainable, edgy community."
Global construction output will reach US$10 trillion by 2020, driven by Asia-Pacific and emerging markets, according to a new report from Timetric’s Construction Intelligence Center.The Global Construction Outlook 2020 report forecasts that expansion will increase by an annual average of 3.4% from 2015 to 2020, leading to the overall market value growing from $8.5tr to $10tr. In the previous five years annual average growth was 2.4%, with output increasing from the 2010 total of $7.5tr.Emerging markets will account for more than half of the global construction output in 2020, rising to 51.9% from its 43.9% share in 2010, despite the annual average rate of growth slowing to 4.2%, from 5.2% in 2011-2015.Growth in the Asia-Pacific region is set to slow, due in part to the slowdown in China’s construction sector, exacerbated by a glut of new residential property being completed. However, the region will still account for the largest share of the global construction industry, with South-East Asia investing heavily in new infrastructure projects funded by private investment.Western European markets will continue to recover, the report states, although investor confidence is fragile due to ongoing troubles in the Eurozone, and the crisis involving Russia and Ukraine. The German construction industry will remain slow, due partly to the government’s focus on austerity.