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 road infrastructure construction projects initiated globally in Q3 2023, according to GlobalData’s construction projects database.
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1. I-81 Viaduct Redevelopment
The project involves the redevelopment of the I-81 viaduct in Syracuse, New York, the US.
Construction work started in Q3 2023 and is expected to be completed in Q4 2025.
The project will create a Community Grid to reconnect downtown neighborhoods severed by the I-81 viaduct’s construction. It will also enhance mobility and improve access to and from the interstate highway network and key destinations, including the downtown business districts, area hospitals, and Syracuse University. It will also provide safe and ADA-accessible pedestrian and bicycle amenities throughout the project area. Buy the profile here.
2. Jambi to Betung toll Road Development
The project involves the construction of a 169km road between Jambi and Betung in Indonesia.
Construction work commenced in Q3 2023 and is expected to finish in Q4 2027.
The aim of the project is to enhance the transport infrastructure facilities, to reduce the traffic congestion and travel time between the two cities of Betung and Jambi. Buy the profile here.
3. Jiaxing Urban Expressway: Ring Road Phase III Stage II
The project involves the construction of a 7.10km Jiaxing Urban Expressway: Ring Road Phase III Stage II in Jiaxing, Zhejiang, China.
Construction work started in Q3 2023 and is forecast to complete in Q4 2025.
The project aims to build an expressway to increase mobility and provide a smooth flow of traffic. Buy the profile here.
4. Baishan-Linjiang Highway
The project involves the construction of a highway in Jilin, China.
Construction work commenced in Q3 2023 and is expected to be completed in Q3 2027.
The purpose of the project is to reduce traffic, travel times and distances between various cities in Jilin. Buy the profile here.
5. Yangpu Shugang Expressway
The project involves the construction of the Yangpu Shugang Expressway in Hainan, China.
Construction work started in Q3 2023 and is expected to be completed in Q4 2027.
The purpose of the project is to expand the highway network and reduce traffic, travel time, and distance.
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.
