RICS: Emerging Markets to Lead Race for Top Positions in Global Construction
HONG KONG, Nov. 17 /PRNewswire-Asia/ — New global construction forecasts released recently by Global Construction Perspectives and Oxford Economics have indicated that the output of the construction sector is likely to rise sharply over the next decade driven by emerging markets China, India and Brazil.
The comprehensive report Global Construction 2020, which looks at the prospects for construction for most major markets worldwide over the next decade, includes a contribution from RICS on the growing importance of sustainability in construction using the results of the RICS green gauge survey, and has been launched recently by Max Crofts, RICS President.
Speaking at the launch of the research in London, RICS President Max Crofts commented “This is an important global report that the RICS is pleased to support. Global Construction 2020 provides the industry with a unique set of forecasts and a clear view of the medium-term time horizon for global construction markets.
“The RICS has an international network of offices in these key markets supporting our role in promoting best practice in all parts of the global construction and property markets.
“The forecasts show very clearly how world markets will develop and those that will provide the best opportunities for the profession over the next decade.”
Simon Rubinsohn, RICS Chief Economist, who has been closely involved with the team from Global Construction Perspectives and Oxford Economics, commented: “These forecasts show a strongly emerging global construction market worth $7.5 trillion today, but one that Global Construction Perspectives and Oxford Economics forecast will rise to $12.7 trillion by 2020.
“The predicted sharp increases in construction levels will be a reflection of the strength of the markets in emerging economies such as India, Brazil and China, who are set to double output over the next decade. Although developed areas in general are likely to see relatively modest growth, the US may be something of an exception. The forecasts suggest that US construction output will in particular benefit from a rebound in residential building.”
He added that “the results demonstrate the increasing importance of emerging markets, not just in regard of the future trend in construction output but also with respect to economic activity more generally. Countries such as China and India will inevitable become more important players on the world stage in the coming years.”
Stephen Brown, RICS Head of Research, who has contributed an Expert Box to the report, revealing for the first time RICS member views globally on sustainability says “Sustainability is increasingly going to have an influence on global economic growth and construction activity. The latest Green Gauge survey carried out by RICS indicated that over two thirds of construction professionals in the surveying profession believed that it was an increasingly important issue. As emerging markets grow rapidly it will be vital that environmental practices are embedded and RICS will to continue to guide our members and track attitudes over the next decade.”
RICS will use the forecasts in its work to advise government and other policy makers on key construction and property matters worldwide.
Please download from the following for the full report:
http://www.ricsasia.org/newsDetail.php?id=114