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 manufacturing plant construction projects initiated globally in Q4 2023, according to GlobalData’s construction projects database.
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1. Boise Semiconductor Chip Manufacturing Plant
The project involves the construction of a 55,741m2 semiconductor chip manufacturing plant in Boise, Idaho, the US.
Construction work started in Q4 2023 and is expected to be completed in Q4 2025.
The project aims to assemble some of that technology in-house instead of around the globe. It will create 2,000 jobs. Buy the profile here.
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2. Lehi Semiconductor Wafer Fabrication Plant II
The project involves the construction of new 300mm semiconductor wafer fabrication plant in Lehi, Utah, the US.
Construction work commenced in Q4 2023 and is expected to finish in Q1 2026.
The project aims to boost the production of semiconductors to meet the demand for advanced semiconductors and will create 800 jobs for TXN as well as more indirect jobs. Buy the profile here.
3. Ulsan Electric Vehicle Manufacturing Plant
The project involves the construction of an EV manufacturing plant with an annual capacity of 200,000 units in Ulsan, South Korea.
Construction work started in Q4 2023 and is forecast to complete in Q4 2025.
The project aims to increase production capacity to meet the growing demand for Electric Vehicles (EVs) in South Korea. Buy the profile here.
4. Guangzhou Power Battery Production Base
The project involves the construction of a power battery production base in Guangzhou, Guangdong, China.
Construction work commenced in Q4 2023 and is expected to be completed in Q4 2025.
The main aim of the project is to meet the growing demand for power battery in the region. Buy the profile here.
5. Guangde Sodium-Ion Battery Manufacturing Base
The project involves the construction of a sodium-ion battery manufacturing base in Guangde, Anhui, China.
Construction work started in Q4 2023 and is expected to be completed in Q4 2027.
The project aims to meet the growing demand for sodium-ion battery in the region. Buy the profile here.
For more details on the latest construction projects, buy the profiles here.
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GlobalData, the leading provider of industry intelligence, provided the underlying research used to produce this article.
GlobalData’s Construction Projects database tracks over 220,000 new construction projects valued at >$25m from announcement to completion across all countries and sectors.
