When it comes to creating a more sustainable future, the construction industry has a great role to play. On top of fulfilling critical economic and societal needs for offices, housing, hospitals, and infrastructure, the industry can help meet net-zero goals by 2050 by developing and executing the needed projects, including renewables, low-carbon activities, infrastructure, building insulation, and more.
The construction industry could thus be on the brink of remarkable expansion: in constant prices, global construction spending is projected to escalate from $13 trillion in 2023 to a striking $22 trillion in 2040, which would require a CAGR of 3.2 percent.1 While this is no faster than the rapid China-driven expansion of the past two decades, outside of China, the industry will need to double its growth rate (from 1.3 percent to 2.7 percent CAGR) to deliver on the projections for 2040 (Exhibit 1).
Read more here:
https://www.mckinsey.com/capabilities/operations/our-insights/delivering-on-construction-productivity-is-no-longer-optional
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