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.
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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 Q1 2024, according to GlobalData’s Construction Projects database.
1. U5 Hamburg Subway Line Development, Germany
The project involves the construction of the U5 subway line between Bramfeld-City Nord to Arenen Volkspark via Innenstadt in Hamburg, Germany.
Construction work started in Q1 2024 and is expected to be completed in Q4 2035.
The project aims to build a completely independent route and to achieve the greatest possible operational stability. The U5 is the first underground line in Hamburg to be operated driverless, which will enable train sequences of up to 90 seconds.
2. North East Link Road Development, Australia
The project involves the construction of an 11km freeway and a 15km upgrade of the existing Eastern Freeway in Victoria, Australia.
Construction work commenced in Q1 2024 and is expected to finish 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.
3. Bulacan International Airport, Philippines
The project involves the construction of an airport on 2,500ha of land in Bulakan, Bulacan province, Central Luzon, the Philippines.
Construction work started in Q1 2024 and is forecast to complete in Q4 2027.
This project aims to generate over a million direct and indirect jobs, improving the quality of life of many families, and it leads to raising the small industries in Bulacan and neighboring provinces.
4. Shanghai Metro Line 19, China
The project involves the construction of a 46.20km rail line between Hongjian Road Station to Baoyang Road Station in Shanghai, China.
Construction work commenced in Q1 2024 and is expected to be completed in Q4 2030.
The objective of the project is to improve the traffic system and reduce travel distance and time in the region.
5. Jinqimen Nuclear Power Plant 7200 MW, China
The jinqimen nuclear power plant involves the construction of a 7,200MW nuclear power plant at Xiangshan County in Ningbo, Zhejiang, China.
Construction work started in Q1 2024 and is expected to be completed in Q2 2029.
The purpose of the project is to create additional power generation capacity and provide adequate power facilities in China. Buy the profile here.
For more details on the latest construction projects, buy the profiles here.
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GlobalData’s Construction Projects database tracks over 220,000 new construction projects valued at >$25m from announcement to completion across all countries and sectors.
