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The global construction market: a cross-sectional analysis

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  • David Crosthwaite

Abstract

Construction is a major industry throughout the world accounting for a sizeable proportion of most countries gross domestic product (GDP). According to a recent survey, total world construction spending in 1998 was over $3 trillion. Furthermore the importance of the construction sector is related not only to its size but also to its role in economic development. This paper examines the extent of international construction activity, and is based on a cross-sectional analysis of published data pertaining to global construction spending. The principal findings suggest that the role of construction changes as economic development proceeds. It was found that the share of construction spending in GDP first grows during less developed country (LDC) status, peaks during newly industrializing country (NIC) status and then declines as countries move from NIC to advanced industrialized country (AIC) status. The research identifies the importance of construction within NICs. The regions of Asia and Latin America and the countries of China, Mexico, Argentina and Egypt are considered noteworthy in regard to various indicators concerned with construction and economic activity. However, the conclusion is that as economic development proceeds from NIC to AIC status construction fails to maintain its share of GDP and therefore declines in importance.

Suggested Citation

  • David Crosthwaite, 2000. "The global construction market: a cross-sectional analysis," Construction Management and Economics, Taylor & Francis Journals, vol. 18(5), pages 619-627.
    • Handle: RePEc:taf:conmgt:v:18:y:2000:i:5:p:619-627
    DOI: 10.1080/014461900407428
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    Citations

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    Cited by:

    1. Chang, Tsangyao & Nieh, Chien-Chung, 2004. "A note on testing the causal link between construction activity and economic growth in Taiwan," Journal of Asian Economics, Elsevier, vol. 15(3), pages 591-598, June.
    2. Eddie Chi-Man Hui & Tony K.K. Lo & Jia Chen & Ziyou Wang, 2012. "Housing and consumer markets in urban China," Construction Management and Economics, Taylor & Francis Journals, vol. 30(2), pages 117-131, December.
    3. Eisenack, Klaus & Paschen, Marius, 2022. "Adapting long-lived investments under climate change uncertainty," Journal of Environmental Economics and Management, Elsevier, vol. 116(C).
    4. Hui, Eddie C.M. & Chen, Jia, 2012. "Investigating the change of causality in emerging property markets during the financial tsunami," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 391(15), pages 3951-3962.
    5. Chan, Edwin H.W. & Qian, Queena K. & Lam, Patrick T.I., 2009. "The market for green building in developed Asian cities--the perspectives of building designers," Energy Policy, Elsevier, vol. 37(8), pages 3061-3070, August.
    6. Daniele Girardi & Antonio Mura, 2014. "The Construction-Development Curve: Evidence from a New International Dataset," The IUP Journal of Applied Economics, IUP Publications, vol. 0(3), pages 7-26, July.
    7. Md. Aslam Hossain & Altynay Zhumabekova & Suvash Chandra Paul & Jong Ryeol Kim, 2020. "A Review of 3D Printing in Construction and its Impact on the Labor Market," Sustainability, MDPI, vol. 12(20), pages 1-21, October.
    8. Fang, Zigeng & Yan, Jiayi & Lu, Qiuchen & Chen, Long & Yang, Pu & Tang, Junqing & Jiang, Feng & Broyd, Tim & Hong, Jingke, 2023. "A systematic literature review of carbon footprint decision-making approaches for infrastructure and building projects," Applied Energy, Elsevier, vol. 335(C).
    9. Procel, Claudette, 2021. "Efficiency analysis of Catalonia’s construction industry pre- and post-financial crisis: a data envelopment analysis (DEA) approach," TEC Empresarial, School of Business, Costa Rica Institute of Technology (ITCR), vol. 15(2), pages 18-32.
    10. Jingxin Gao & Xilai Tang & Hong Ren & Weiguang Cai, 2019. "Evolution of the Construction Industry in China from the Perspectives of the Driving and Driven Ability," Sustainability, MDPI, vol. 11(6), pages 1-19, March.
    11. Tariq Al Amri & Manuel Marey-Perez, 2020. "Impact of Covid-19 on Oman's Construction Industry," Technium Social Sciences Journal, Technium Science, vol. 9(1), pages 661-670, July.
    12. Onat, Nuri Cihat & Kucukvar, Murat, 2020. "Carbon footprint of construction industry: A global review and supply chain analysis," Renewable and Sustainable Energy Reviews, Elsevier, vol. 124(C).
    13. Mousa, Ahmad, 2015. "A Business approach for transformation to sustainable construction: an implementation on a developing country," Resources, Conservation & Recycling, Elsevier, vol. 101(C), pages 9-19.
    14. Klaus Eisenack & Marius Paschen, 2017. "Designing long-lived investments under uncertain and ongoing change," Working Papers V-398-17, University of Oldenburg, Department of Economics, revised Feb 2017.
    15. Zhang, Xiaoling, 2015. "Green real estate development in China: State of art and prospect agenda—A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 47(C), pages 1-13.
    16. I. Horta & A. Camanho & Jill Johnes & Geraint Johnes, 2013. "Performance trends in the construction industry worldwide: an overview of the turn of the century," Journal of Productivity Analysis, Springer, vol. 39(1), pages 89-99, February.

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