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

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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

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