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 135 mega hydroelectric projects, costing over $100m each. Here are the largest leisure and hospitality building construction projects initiated globally in Q3 2024, according to GlobalData’s construction projects database.
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1. Uchisaiwaicho 1-Chome District Redevelopment
The project involves the construction of a mixed-use complex with a floor area of 1,100,000m2 comprising four towers on 6.5ha of land in Tokyo, Japan.
Construction work started in Q3 2024 and is expected to be completed in Q1 2038.
The project aims to provide better commercial and leisure facilities in the region.
2. University of Utah Student Housing Community
The project involves the construction of a student housing community comprising 5000 beds in Salt Lake City, Utah, the US.
Construction work commenced in Q3 2024 and is expected to finish in Q4 2030.
The project aims to help meet the housing needs of students within the main campus area.
3. Cat Ba Central Bay Tourism Development Project
The project involves the construction of the Cat Ba Central Bay tourism and commercial service project on 45.7 hectares of land in Cat Ba, Haiphong City, Vietnam.
Construction work started in Q3 2024 and is forecast to complete in Q3 2026.
4. Westin Cocoa Beach Resort Redevelopment
The project involves the construction of a six-story hotel comprising 502 rooms on a 6.3ha of land in Cocoa Beach, Florida, the US.
Construction work commenced in Q3 2024 and is expected to be completed in Q2 2027.
The aim of the project is to become iconic and emblematic of the Space Coast’s revival as an economic hub and lifestyle destination.
5. Grand Cayman Hotel & Residences
The project involves the construction of a five-star hotel with 100 rooms and 89 residential units on 6.4ha of land in Beach Bay, Cayman Islands.
Construction work started in Q3 2024 and is expected to be completed in Q4 2025.
The project aims to provide better hospitality facilities in the region.
For more details on the latest construction projects, buy the profiles here.
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