Construction Industry Update for Q4, 2014
Today’s construction world requires highly skilled employees / workers that are willing to earn and travel. Research from Accenture says that emerging construction markets have projected revenues of $6.7 trillion by 2020. Asia, Middle East and Europe will constitute 55% of global construction output.
Year-to-date, the construction industry has seen a modest growth over the past quarter and is projected to continue to grow at a slow, yet steady pace.
Strong project pipelines, particularly in the middle east can be accredited to the positive forecast. However the key factor preventing growth to be even bigger are issues with a lack of investment, uncertainty about house prices and limited access to private capital.
Despite this, infrastructure pipelines are strong and demand for workers are high. Undoubtedly one of the hubs for the construction market at the moment is Qatar, whose Q1 growth saw it increase by 19.6%. With an eye on the 2022 World Cup and big projects such as the Doha Metro and Doha’s new port, they are being heavily backed by the government and consumer demand. Furthermore, growth is continued to pick up yet again beyond the 2022 World Cup.
Despite this, construction markets as a whole are growing steadily and markets in the MENA (Kuwait, UAE, Saudi), Singapore and Australia all show positive signs and developments looking into Q4.
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