Growth in global construction will be underpinned by China, the US and India which combined will add almost US$2.4 trillion to global construction work done over the next 15 years.
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ASEAN Tigers—Fastest growing construction markets globally in Indonesia,
Philippines, and Vietnam, supported by strong fundamentals
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The Philippines, Vietnam, Malaysia, and Indonesia will be the four fastest growing construction markets over the next 15 years. While the Philippines, Vietnam, and
Indonesia are supported by strong fundamentals, Malaysia’s construction growth will be driven by the rebound from the coronavirus pandemic.
The Philippines is set to be the fastest growing construction market over the next 15 years, averaging over 6% growth per annum. Economic growth will be supported by a strong demographic outlook, with the working age population growing by 1.5% per annum over the next decade. The government’s public-private partnership initiative and improved long-term investor confidence are set to support investment—and therefore
construction activity—over the forecast period. Civil infrastructure will be the fastest growing sector, with significant government support.
Source: Oxford Economics