North America Expected to Outpace Overall Growth in Worldwide Construction Market
Worldwide construction of new housing units is projected to reach 61.3 million in 2018 on 2.9% yearly advances. Although global population growth is expected to decelerate slightly over the forecast period, declines in average household size will support 1.6% annual growth in the number of households, which will in turn boost demand for new housing. Changes in population distribution, mainly due to rural-to-urban migration, will also bolster demand for new housing units, particularly in urban areas. These and other trends are presented in “World Housing,” a recent study from The Freedonia Group, Inc.