The global construction market is forecasted by GlobalData to grow by 1.8% in real terms in 2023, having grown by 1.7% in 2022. 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 135 mega hydroelectric projects, costing over $100m each. Here are the largest commercial and leisure construction projects initiated globally in Q1 2023, according to GlobalData’s Construction Projects database.
1. Bronzeville Lakefront Mixed-Use Development – $7,000m
The project involves the construction of a mixed-use complex on 45ha of land in Chicago, Illinois, the US.
Construction work started in Q1 2023 and is expected to be completed in Q3 2027.
The project aims to transform undeveloped 46ha into a living lab. It will create 4,600 construction jobs and 27,000 direct and 35,000 jobs. The project is a redevelopment of Michael Reese Hospital.
2. Riverwalk San Diego – $3,000m
The project involves the construction of a mixed-use facilities on 80.9ha of land in California, the US.
Construction work commenced in Q1 2023 and is expected to finish in Q3 2029.
The project aims to provide better residential and commercial facilities in the region by redeveloping the 27-hole Riverwalk Golf Club. Buy the profile here.
3. Brisbane Eagle Street Pier Redevelopment – $1,754m
The project involves the construction of 150,825m2, two mixed-use towers on 1.5ha of land in Brisbane, Queensland, Australia.
Construction work started in Q1 2023 and is forecast to complete in Q4 2030.
The project aims to demolish the 30-year-old pier buildings and construct two mixed-use towers to provide better commercial, leisure, and residential facilities in the region. Buy the profile here.
4. Waterfront Brisbane Redevelopment – $1,754m
The project involves the redevelopment of Eagle Street Pier on 1.5ha of land in Brisbane, Queensland, Australia.
Construction work commenced in Q1 2023 and is expected to be completed in Q4 2029.
It intends to transform Eagle Street Pier into a premium business and leisure destination. The project achieved WELL Certification. Buy the profile here.
5. 2150 Lake Shore Mixed-Use Complex – $1,600m
The project involves the construction of 29 buildings ranging from three to 67-story comprising 7,504 residential units on 11ha of land in Toronto, Ontario, Canada.
Construction work started in Q1 2023 and is expected to be completed in Q4 2027.
The main aim of the project is to provide a better and wide range of residential, commercial, and retail facilities in the region.
For more details on the latest construction projects, buy the profiles here.