2011 was yet another difficult year for construction globally. Construction spending growth has stalled and 2011 was the fourth consecutive year with little or no growth. Overall, world construction spending grew by just 0.5% to $4.6 trillion and is still below the levels achieved in 2007. However, on a positive note, 2011 saw the first increases in world construction spending since the start of the recession.
The outlook for 2012 is looking slightly more pessimistic, as the developing economies responsible for much of the growth in the recent past are starting to slow as their developed country export markets continue to decline. However, there have been significant changes in the structure of the global construction market over a relatively short timeframe and, when combined with relative growth levels, these suggest a new focus for global construction spending in the future.
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