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.
The University of Edinburgh has received a £200m loan from the European Investment Bank (EIB) for the development of its campuses.
Developer Hammerson has announced that work on the £1bn Whitgift shopping centre redevelopment project in Croydon, London is now pushed back to 2017.
Real estate groups RocaPoint Partners and The Georgetown Company have broken ground on a new $370m mixed-use development in Georgia, US.
Bouygues UK has secured a contract from Bristol City Council to build the £90m ($129.7m) Bristol Arena next to Temple Meads railway station in Bristol, UK.
CLS Holdings has received approval from Lambeth Council Planning Committee for the revised £400m Vauxhall Square mixed-use project in London.