The global construction market

ABSTRACT

Economic globalisation, trade liberalisation, advanced technology, and fast transportation all have catalysed the globalisation of construction. This chapter aims to provide a picture of the global construction market. It starts by clarifying some of the concepts and terms, and then empirically describes the historical development and status quo of the market from a global perspective. Global construction has developed into a massive market, a considerable portion of which is undertaken by contractors who 'follow the money' to new continents for growth or to minimise the risk of individual markets. The chapter concludes by considering the future of the global construction market, which is now facing great uncertainty triggered by the rising populism, increasing xenophobia, and distrust of globalisation, which are further exacerbated by the COVID-19 pandemic. There must be a 'new normal', but no one knows what it will look like, and how it will affect the global construction market. © George Ofori 2022.