In 2022, construction grappled with rising interest rates and living costs, affecting residential, industrial and commercial sectors. Government commitments to infrastructure drove demand. Despite cost surges, solid demand allowed passing expenses to consumers. Green building practices thrived amid environmental awareness. Developed economies faced setbacks, while emerging economies led industry growth. This report delves into industry dynamics, highlighting resilience and areas of expansion.
This report comes in PPT.
Amidst rising interest rates and elevated costs of living, residential, industrial and commercial construction has been seeing some setbacks in 2022. Nevertheless, post-COVID-19 governmental commitments to invest in public infrastructure prevail, driving demand in the construction industry and supporting its growth in turbulent times.
Soaring energy and commodities prices in 2022 alongside rising wages and labour shortages led to escalating construction costs during the year. Nevertheless, solid demand allowed the industry to pass increased costs onto consumers and maintain profitability. Demand, however, has been pressured by rising interest rates and elevated economic uncertainties, clouding the future outlook of the sector’s profitability and overall growth
Rising energy costs also pushed demand for energy-efficient buildings alongside expanding environmental awareness, especially among developed economies, promoting expansion of green building practices. Energy efficiency, green construction technologies and climate-neutral building materials will witness robust expansion over the forecast period.
Following solid expansion in construction activities amidst heavy investments in infrastructure and booming housing markets, developed economies saw economic slowdown in 2022, leading to setbacks in construction. Nevertheless, emerging economies maintained pace, despite rising costs, and are projected to remain the key drivers of the global construction industry.
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