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 multi-family housing construction projects initiated globally in Q3 2023, according to GlobalData’s construction projects database.
1. Sputnik City Yuzhny
The project involves the construction of the Sputnik City Yuzhny on 2,000ha of land in Saint Petersburg, Russia.
Construction work started in Q3 2023 and is expected to be completed in Q2 2026.
The purpose of the project is to improve the residential and commercial requirements of the public. Buy the profile here.
2. WestEnd Alexandria Mixed-Use Community
The project involves the redevelopment of a 371,612m2 mixed-use community on 21ha of land in Virginia, the US.
Construction work commenced in Q3 2023 and is expected to finish in Q2 2027.
In 2011, plans for renovations and redevelopment were first initiated by HHC which acquired the central section of the Landmark Mall site between the existing Sears and Macy’s stores to develop the project. The project was delayed due to the bankruptcy of previous owners of the Mall and it was revived in 2013.
3. Brookridge Redevelopment
The project involves the construction of a mixed-use community on 46ha of land in Overland Park, Kansas, the US.
Construction work started in Q3 2023 and is forecast to complete in Q4 2036.
The project aims to redevelop 103rd Street and Antioch Road in Overland Park to provide better residential, commercial, and hospitality facilities in the region. Buy the profile here.
4. Convoys Wharf Mixed-Use Community
The project involves the construction of three mixed-use facilities on 16ha of land in London, the UK.
Construction work commenced in Q3 2023 and is expected to be completed in Q4 2028.
The proposed project is a redevelopment of the Deptford dockyard. Buy the profile here.
5. Harbourside Shopping Center Redevelopment
The project involves the construction of a 166m high, 42-story mixed-use tower in Sydney, New South Wales, Australia.
Construction work started in Q3 2023 and is expected to be completed in Q4 2026.
The purpose of the project is to provide mixed-use facilities for people in the region. Buy the profile here.
For more details on the latest construction projects, buy the profiles here.