Worldwide construction activity declined by 2% in 2007, according to a survey by London-based consultancy Davis Langdon.
The report, broken down into world regions, says building activity grew by 3% last year, compared with 5% in 2006. The research suggests growth will be around 3% in 2008, with similar rates forecast for the next three years.
Brightest growth prospects centre on China and India, followed by Vietnam, Korea, Venezuela, Egypt, the UAE and Poland.
In Europe, the most marked turnaround has been in the non-residential sector, particularly industrial construction. Germany showed the greatest improvement, with construction finally recovering after a decade-long slump.
High levels of spending on public housing are expected to offset any dramatic declines in the UK housing output, while the infrastructure sector will also benefit from major projects such as the East London Line and Thameslink.
“The construction market in China and its major cities are now the focus of worldwide attention, with the UAE and Dubai in particular standing out in terms of short- to medium-term growth prospects,” said senior consultant David Crosthwaite.
