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 institutional building construction projects initiated globally in Q3 2023, according to GlobalData’s construction projects database.
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1. Elmore County Prison Development
The project involves the construction of a prison in Elmore County, Alabama, the US.
Construction work started in Q3 2023 and is expected to be completed in Q2 2026.
The project aims to provide a safe and secure environment for the staff to deliver effective, evidence-based rehabilitative and manage the inmate population.
2. Shenzhen Natural History Museum
The project involves the construction of a natural history museum in Shenzhen, Guangdong.
Construction work commenced in Q3 2023 and is expected to finish in Q4 2025.
The purpose of the project is to provide exhibition and event space in the region. Buy the profile here.
3. UK Defence Communications Facility
The project involves the construction of a single-story, 10,000m2 communication facilities in Cyprus.
Construction work started in Q3 2023 and is forecast to complete in Q4 2027.
The facilities will be developed with temperature and humidity-controlled environments.
4. Paseo de la Habana Institutional Headquarters
The project involves the construction of the Paseo de la Habana Institutional Headquarters in Madrid, Spain.
Construction work commenced in Q3 2023 and is expected to be completed in Q4 2025.
The new headquarters will be a unified space that will house the different work areas of the ONCE Social Group, providing support and resources to promote inclusion. Buy the profile here.
5. Wolfsburg Fire and Rescue Station
The project involves the construction of a fire and rescue station with sports hall in Wolfsburg, Lower Saxony, Germany.
Construction work started in Q3 2023 and is expected to be completed in Q4 2026.
The project’s aim is to meet the growing requirement of fire and rescue facilities in Wolfsburg. 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.
