Global construction industry upbeat about 2014
May 22, 2013 by STAFF REPORT
Top construction executives around the world are optimistic revenues will increase over the next year, according to a recent report from Timetric.
Growth is expected to come from a number of different areas such as investments in IT infrastructure, public and private sector projects, more demand for sustainable construction and a growing number of pipeline projects globally.
The report published on May 14, The Global Construction Industry 2013–2014: Market Trends, Buyer Spend and Procurement Strategies in the Global Construction Industry, is based on survey results from 126 senior construction industry professionals (C-level executives, directors and managers).
It found 53 per cent of survey respondents are more optimistic, 24 per cent are less optimistic and 22 per cent expect no change in revenue growth in the next 12 months.
Executives expect more mergers and acquisitions in 2014 because of slow recovery in the global economy, weak market conditions, larger companies looking to increase their global presence and increased pressure of rising costs on small and medium-sized construction companies.
Brazil, United Arab Emirates, China and Saudi Arabia are all forecasted to be strong markets for construction in 2014, but India was identified as the key emerging market because of infrastructure development in housing, roads, ports, aviation and power generation.
Canada, United States, Singapore and the United Kingdom were also noted as primary growth markets, while France, Italy and Spain are expected to have lower potential for growth.
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