The global construction market is forecasted by GlobalData to grow by 1.8% in real terms in 2024, having grown by 1.7% in 2023. While the residential construction market in many countries will decline, this will be offset by high growth in the infrastructure sector, with output rising by 8.3% in real terms. GlobalData tracks and profiles all major construction projects from announcement to completion. For further insight on this market, buy the latest profiles here.
Driving growth in the market in 2022 and over the remainder of the decade are a potential 35,000 mega projects, costing over $100m each.Here are the world’s five largest construction projects initiated in Q3 2024, according to GlobalData’s Construction Projects database.
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1. North East Link, Australia
The project involves the construction of an 11km freeway and an 18km upgrade of the existing Eastern Freeway in Victoria, Australia.
Construction work started in Q3 2024 and is expected to be completed in Q4 2028.
The tolled roadway between Melbourne’s Metropolitan Ring Road and the Eastern Freeway, or EastLink would carry 135,000 vehicles a day, providing quicker and easier access for freight operators, particularly between the growing industrial areas around Ringwood, Dandenong, Campbellfield, and the new freight hub near Donnybrook.
2. Shidaowan Nuclear Power Plant Expansion 4800 MW, China
The project involves the construction of a nuclear power plant with a capacity of 4,800MW in Rongcheng, Weihai, Shandong, China.
Construction work commenced in Q3 2024 and is expected to finish in Q4 2032.
3. Zhoushan High-End New Material Plant, China
The project involves the construction of a refining and chemical integration project in Daishan county, Zhoushan, Zhejiang, China.
Construction work started in Q3 2024 and is forecast to complete in Q3 2029.
The project aims to increase the plant’s capacity to meet the growing demand for oil and fuels in the region.
4. Amigo LNG Terminal Development, Mexico
The project involves the construction of an LNG terminal with a processing capacity of 7.8MTPA in Guaymas, Sonora, Mexico.
Construction work commenced in Q3 2024 and is expected to be completed in Q2 2026.
5. Kansas City National Security Campus Expansion, United States
The project involves the expansion of the Kansas City National Security Campus (KCNSC), a central government office in Kansas City, Missouri, the US.
Construction work started in Q3 2024 and is expected to be completed in Q4 2031.
For more details on the latest construction projects, buy the profiles here.
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