Long-Term Growth for Global Construction Economy Expected: Is a Rebound Imminent?

Share:

5/22/2023

Construction OutlookGlobal construction output has slowed to a near idle state this year, with growth in places like China, India and Saudi Arabia being offset by softness in North America, Europe and Australia. The global contraction is expected to be short-lived, however, as a modest rebound is anticipated in 2024.

AEM Business Intelligence highlighted the following current conditions during its Q2 BI webinar:

Persistent challenges – High prices and interest rates, in particular, create some uncertainty and downside risk to the forecast.

Potential for prosperity Nonetheless, there are some great opportunities in different markets going forward, as infrastructure, energy and manufacturing are helping fill up a project pipeline that bodes well for 2024.

Output concerns – There is reason to expect a slight dip in Europe and North America in the short term, followed by a slight rebound in 2024.

Growth momentum on the horizon In the U.S., non-residential segments are all expected to grow this year after falling in 2022. Heading into the back half of this year and into 2024, some of the big federal government spending bills, most notably the Infrastructure Investment & Jobs Act and CHIPS & Science Act, should start making their impact on the construction industry.

Want to know more about what’s on the horizon for equipment manufacturers and the construction industry they serve? If you’re an AEM member, be sure to attend the upcoming Q3 Equipment Market Outlook Webinar, set for Aug. 3 from 12 p.m. to 1:15 p.m. Register now.

Introducing AEM Market Analyst Craig Frizzell

AEM is pleased to announce a new hire in Craig Frizzell, the association’s new Market Analyst for Business Intelligence. Frizzell brings tremendous knowledge and expertise that will allow him to add value in areas such as research, analysis, and presenting of key data, insights, and trends to support AEM members and AEM’s strategic priorities. 

Frizzell holds a PhD in Political Science and brings almost 20 years of experience providing research, data analysis and data visualizations for a variety of organizations, including a global industrial manufacturer, Washington D.C. political research firm and a financial services corporation.  

Learn More: Contact Your Account Success Advisor

In addition to its quarterly Equipment Market Outlook Webinars, AEM continues to offer a wide range of other market data products, including the AEM Business Intelligence Dashboard. To learn more, contact your Account Success Advisor.

For more industry perspectives, subscribe to the AEM Industry Advisor

AEM Updates, Construction, Mining & Utility

For more AEM news and updates, subscribe to the AEM Industry Advisor.

Related Articles

Canadian Agricultural Tractor Sales Rise Slightly in June 2025 as U.S. Sales Continue to Drop

According to recent data from AEM, Canadian sales of 4-wheel drive tractors grew 24.7% year-to-date in June 2025 compared to the year before. Total Canadian sales of...

CONEXPO-CON/AGG Sponsors POLTICO Focus’ “Building America’s Promise” Content Hub

On Friday, POLITICO Focus launched “Building America’s Promise,” a new digital content hub sponsored by CONEXPO-CON/AGG and AEM. The experience highlights the people and...

Is Your Organization’s Culture Up to Par?

By Danny Gavin, AEM Communications Coordinator --Over half of U.S. remote-capable employees expect and even prefer hybrid workin today’s working environment, leading to cultural...

AEM Unveils New Video Library to Showcase Expert Insights, Trends

AEM recently unveiled a new video library to offer its members unprecedented on-demand access toexpert insights and industry trends. The video library is exclusively available...

AEM and Grote Industries Deliver Keys of Ford F-150 to Winner of Manufacturing Challenge

The Association of Equipment Manufacturers (AEM) today awarded a brand-new Ford F-150 to William Corwin of AEM member company Grote Industries, the grand prize winner of AEM’s...

View all AEM Updates