The global construction market is set for a sustained period of strong growth post-Covid-19, driven by government spending on infrastructure and the transition to a net zero society, according to a new report from Allianz Global Corporate & Specialty (AGCS). The strong growth outlook for the sector is based on a number of factors, such as rising populations in emerging markets and significant investment in alternative forms of energy such as wind, solar and hydrogen, as well as power storage and transmission systems. Buildings are not only expected to improve their carbon footprint, but will also require improved coastal and flood defences and sewage and drainage systems in response to more frequent extreme weather events. At the same time, governments in many countries are planning major public investments in large infrastructure projects to both stimulate economic activity after the pandemic crisis and drive the low carbon transition. However, the report cautions that this move to more sustainable buildings and infrastructure and the adoption of modern building methods will add to the pressure on already stressed supply chains, shortages in materials and labour, and increased costs.
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