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 railway infrastructure construction projects initiated globally in Q2 2024, according to GlobalData’s construction projects database.
1. Nevada High-Speed Rail Corridor
The project involves the construction of a 350.83km double-track high-speed rail (HSR) line between Las Vegas, Nevada, and Los Angeles in California, the US.
Construction work started in Q2 2024 and is expected to be completed in Q2 2028.
The rail system will remove 30,00,000 passenger vehicles from roadways annually, reducing carbon emissions by 100,000 tons per year.
2. Seville Metro Line Expansion
The project involves the expansion of the Seville Metro railway in Sevilla, Andalusia, Spain.
Construction work commenced in Q2 2024 and is expected to finish in Q4 2031.
The objective of the project is to reduce traffic congestion and to provide state-of-the-art transportation infrastructure for people in the region.
3. Shenzhen Metro Rail Line 17
The project involves the construction of a 28.7km metro line in Shenzhen, Guangdong, China.
Construction work started in Q2 2024 and is forecast to complete in Q4 2031.
The main objective is to enhance traffic systems and reduce travel times.
4. Shenzhen Metro Line 25
The project involves the construction of a 38.5km metro line in Shenzhen, Guangdong.
Construction work commenced in Q2 2024 and is expected to be completed in Q1 2031.
The main objective is to enhance traffic systems and reduce travel times.
5. Shenzhen Metro Line 20: Phase II
The project involves the construction of a 34km metro railway line 20: Phase II in Shenzhen, Guangdong, China.
Construction work started in Q2 2024 and is expected to be completed in Q4 2028.
The objective of the project is to build a rail system to reduce traffic congestion and travel distance in the region.
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.
