Global consultancy, Turner & Townsend, has released its International Construction Market Survey (ICMS) for 2019. The survey brings together data and experience from 64 global markets and nine different building categories. Overall, the findings of the survey are positive with prospects throughout the year expected to remain buoyant, despite the headwinds facing the world economy.
“Our survey indicates there is considerable momentum in the global construction sector, helping to mitigate the effects of weaker, late-cycle economic growth,” says Wendy Cerutti, associate director of cost management and South African ICMS specialist for Turner & Townsend.
“With construction projects generally spanning multiple years, once started, they are likely to keep going. There are also many instances where large projects, such as the natural resources sector, transcend economic cycles, often continuing during a downturn and delivering into a recovering market.”
Africa’s average construction costs
“This year we have prepared a weighted average construction cost inflation, weighting each country by its gross domestic product (GDP), which removes the impact of very high inflation in smaller countries or regions, skewing the overall average excessively,” comments Cerutti.
“On this basis, using this improved method, average global construction cost inflation was 4,9% in 2017, easing in 2018 to 4,2%. Using the same weighted average technique, we now expect cost escalation in 2019 to nudge down to 4,1% in 2019,” she adds.
Download the survey and report via www.turnerandtownsend.com/en/perspectives/international-construction-market-survey-2019/
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