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In less than ten years’time the Chinese construction sector will be worth 1.61 billion euros and will represent 19.1 of the global construction output, therefore overtaking the US as the world’s largest market in this sector, according to a forecast by the consulting companies Global Construction Perspectives and Oxford Economics.

Mike Betts of Global Construction Perspectives said that in light of the current situation, the Chinese construction industry looks unstoppable. The construction market in China is already enormous at almost double the size of its nearest rival, Japan. The United States has for some time held the top spot but despite its strong predicted growth over the next decade, China will become the world’s largest construction market by 2018. Betts also adds that only Nigeria and India will enjoy higher growth rates than China in their construction output.                             

The report also states that emerging economies will rapidly overtake the construction output of their developed neighbors and, as a result, the top ten highest growth markets in 2020 will be entirely composed of emerging nations.