Residential market growth forecast

摘要

Global residential construction is expected to grow at an average of+3% a year between now and 2019, according to a new study by Freedonia Group. The global market is expected to reach 62.6 million new housing units per year by 2019, up from 54.0 million in 2014. The forecasting company said that while global population growth is expected to decelerate, declines in average household size will still allow the number of households in the world to increase +1.6% per year, boosting demand for new housing. It added that increased rural-to-urban migration, particularly in developing countries, would spur construction of new housing in urban areas. Freedonia Group expects the most robust growth to be in North America, where construction of new housing units is expected to rise an average of 7.2% per year between 2014 and 2017 to 2.86 million units annually by 2019. Good growth is also forecast for Western Europe, with a +4.8% annual average rise to 1.35 million units by 2019.