Economic slowdown in China is affecting the global construction industry, report finds
A new report from Navigant Research offers a comprehensive view of the world’s total commercial and residential building stock, with data from eight commercial building types and two residential building types, from 2014 to 2024.
Today, commercial, residential, and industrial buildings account for 47 percent of global greenhouse gas emissions and nearly half of the world’s energy consumption. The global building stock, which is expected to experience moderate growth during the next decade, represents a significant area for energy efficiency technologies that could help achieve reductions in energy consumption and carbon emissions. Click to tweet: According to a new report from Navigant Research, the global building stock is expected to grow from 151.8 billion square meters in 2014 to 171.6 billion square meters in 2024.
“Though growth in the global building stock is expected to continue, China’s slowing economy has tempered construction activity domestically, sending ripples through the world economy as the resulting drop in demand for commodities now threatens emerging economies dependent on resource extraction,” says Benjamin Freas, senior research analyst with Navigant Research. “China’s impact on buildings cannot be understated, as the country represents the world’s largest construction market with more building space than any other country.”
Despite continued economic slowdown in China, and concerns over growth in other emerging economies, increased urbanization and gross domestic product per capita is expected to propel the construction market through the next decade. As the global economy adjusts to a period of slower growth, according to the report, knowledge of the size and composition of the global building stock is essential for understanding the built environment and how unnecessary energy use can be reduced, often through cost-effective measures.
The report, Global Building Stock Database, provides data on the size and growth of the global building stock from 2014 to 2024, as well as a qualitative description of key growth drivers and trends. The building stock data covers eight commercial building types (office, retail, education, healthcare, hotels and restaurants, institutional/assembly, warehouse, and transport) and two residential building types (single-family detached and multi-unit residential) for seven regions worldwide. This study is intended to provide a comprehensive picture of the total commercial and residential building stock across the world. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Lindsay Lorenz
* The information contained in this press release concerning the report, Global Building Stock Database, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.