Worldwide construction of new housing units is forecast to reach 61.3 million units in 2018, according to a new report by market research company The Freedonia Group. It said annual growth in the residential construction sector would average +2.9% over the forecast period. Although global population growth is expected to decelerate over the forecast period, Freedonia said declines in average household size would support +1.6% annual growth in the number of households, which would in turn boost demand for new housing. Changes in population distribution, mainly due to rural-to-urban migration, are also expected to bolster demand for new housing, particularly in urban areas.
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