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Construction Market
The global construction industry is confronting major challenges as it emerges from the widespread disruption caused by restrictions imposed to contain the spread of COVID-19. With the conflict in Ukraine set to persist in the coming quarters, the global economy will face severe headwinds amid high energy and commodity prices, supply chain bottlenecks, and worsening investor confidence.
Investment in the residential sector will be buoyed by government support measures and housebuilding programs. Investment in the infrastructure and energy and utilities sectors remains a major driver of overall construction output growth. These sectors expanded in 2020 despite COVID-19 disruptions which reflected the efforts by governments and public institutions to accelerate investment to stimulate activity. Additionally, industrial construction has also been recovering from the COVID-19-induced downturn in 2020.
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