The Construction Production Association (CPA) estimates global construction to increase by 14pc this year and 6.3pc in 2022, despite higher raw material costs of construction materials such as steel, copper, and timber.
The association indicated that the increase will be led by a rise in private housing, especially with residences outside major cities gaining more popularity as more people work from home. In fact, residential construction is expected to increase by 21pc in 2021 and by 9pc next year.
On the other hand, the commercial sector construction continues to remain subdued with the CPA revising its outlook for infrastructure construction down to a growth of 23.4pc from 29pc for 2021. Infrastructure construction is expected to rise by 9.7pc in 2022.