In any growing economy around the world, the construction boom plays an important role in any economy since it creates jobs and contributes to the growth of infrastructure.
In some countries, construction industries are expected to increase by 2023, with large-scale investment projects driving this growth.
The top five countries with the fastest-growing construction industries in 2023 are listed below.
The Qatar building industry has added a huge impact on the country's economy in recent years, particularly in 2022. With the privilege of hosting the FIFA World Cup Tournament, the Middle Eastern country built eight new stadiums for the event's 64 matches.
From research, the country expects its construction market to increase at a 9.5% annual pace in 2030.
The United Arab Emirates (UAE) has had a construction boom in recent years, with the industry set to expand further by 2023.
The country is home to some of the world's largest and most ambitious construction projects, including the world's tallest building, the Burj Khalifa, and the world's largest shopping mall, the Dubai Mall.
The UAE government has stated that it intends to invest extensively in infrastructure projects such as airport expansion and the construction of new roads and bridges.
The government expects a 3% yearly growth in its construction market with $87 billion invested in 2022 alone, and it is trying to expand into renewable energy and additional tourism projects.
The construction business in India is also booming, with the government investing extensively in infrastructure projects around the country.
The Smart Cities Mission, launched by the Indian government in 2015, aims to establish 100 smart cities across the country, with a focus on sustainable urban development that will improve people's quality of life.
According to statistics, the building industry in the country is predicted to rise by 12% by 2023.
In addition, the government has started the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) initiative, which aims to enhance basic infrastructure in cities and towns, including water supply, sewage, and urban transportation.
The construction of new airports, motorways, and railways is also expected to drive industry growth.
After announcing plans to invest extensively in the construction of new airports, seaports, and highways, as well as increased investment in the country's tourism industry, the Chinese government began a three-year 100-major-projects plan this year.
The country's construction industry is now witnessing significant levels of investment, with an annual growth rate of 7.5% expected to continue through 2026.
China's construction industry is expected to rise by $18 billion by 2026, as it continues to work on numerous projects across Africa.
Nigeria has a 3.1% growth forecast in 2023. The Nigerian government has announced a $100 billion investment in 2021, with an extra $700 billion expected from the private sector to invest in major projects throughout the country.
Read more: https://www.investingport.com/a-quick-look-at-countries-with-construction-boom/
In some countries, construction industries are expected to increase by 2023, with large-scale investment projects driving this growth.
The top five countries with the fastest-growing construction industries in 2023 are listed below.
1. Qatar
The Qatar building industry has added a huge impact on the country's economy in recent years, particularly in 2022. With the privilege of hosting the FIFA World Cup Tournament, the Middle Eastern country built eight new stadiums for the event's 64 matches.
From research, the country expects its construction market to increase at a 9.5% annual pace in 2030.
2. United Arab Emirates
The United Arab Emirates (UAE) has had a construction boom in recent years, with the industry set to expand further by 2023.
The country is home to some of the world's largest and most ambitious construction projects, including the world's tallest building, the Burj Khalifa, and the world's largest shopping mall, the Dubai Mall.
The UAE government has stated that it intends to invest extensively in infrastructure projects such as airport expansion and the construction of new roads and bridges.
The government expects a 3% yearly growth in its construction market with $87 billion invested in 2022 alone, and it is trying to expand into renewable energy and additional tourism projects.
3. India
The construction business in India is also booming, with the government investing extensively in infrastructure projects around the country.
The Smart Cities Mission, launched by the Indian government in 2015, aims to establish 100 smart cities across the country, with a focus on sustainable urban development that will improve people's quality of life.
According to statistics, the building industry in the country is predicted to rise by 12% by 2023.
In addition, the government has started the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) initiative, which aims to enhance basic infrastructure in cities and towns, including water supply, sewage, and urban transportation.
The construction of new airports, motorways, and railways is also expected to drive industry growth.
4. China
After announcing plans to invest extensively in the construction of new airports, seaports, and highways, as well as increased investment in the country's tourism industry, the Chinese government began a three-year 100-major-projects plan this year.
The country's construction industry is now witnessing significant levels of investment, with an annual growth rate of 7.5% expected to continue through 2026.
China's construction industry is expected to rise by $18 billion by 2026, as it continues to work on numerous projects across Africa.
5. Nigeria
Nigeria has a 3.1% growth forecast in 2023. The Nigerian government has announced a $100 billion investment in 2021, with an extra $700 billion expected from the private sector to invest in major projects throughout the country.
Read more: https://www.investingport.com/a-quick-look-at-countries-with-construction-boom/