Introduction to our special report upcoming series "2021 World Economic Construction Outlook"

2020 was an unforgettable year for the construction industry worldwide, and not in a good way. Some countries took a sharp nosedive due to the COVID-19 pandemic, while others hung on – barely. A few made modest gains despite difficult lockdowns.

When researching last year and what is to come for the industry in 2021, three words popped up time and time again – COVID-19, housing, and infrastructure.

The pandemic will not magically disappear, as it will take months to vaccinate enough people to put a dent in it, which means construction will continue to be affected by slow-downs, materials shortages, and delays.

The saving graces for construction worldwide may be the need for more housing and governments’ commitments to building infrastructure, including roads, bridges, and alternative energy infrastructure.

Europe should see a 4.1% growth in construction during 2021, exceeding pre-coronavirus levels. There will be significant differences from one country to another, depending on the effects of the pandemic. Still, the residential sector should see substantial growth of 4.7%.

If government stimulus programs continue, along with a commitment to infrastructure, the year may not be a write-off for Europe. Still, the entire region struggles while complying with safety protocols, working to maintain productivity and cost controls.

Due to housing and infrastructure investments and a growing middle class, Asia should experience a sharp rise in work once the COVID-19 pandemic levels out.

Asia experienced years of economic growth pre-pandemic but struggled mightily as the virus gripped the continent. China continues to lead Asia in construction and could pick up by 6.9% now that lockdowns are subsiding.

Thailand, where the government is working to create a transportation hub, should see construction increases, while the Philippines’ construction sector continues to deteriorate due to a lag in investments.

While Australia and New Zealand did a better job than most countries in keeping the pandemic to a minimum, both countries still took a toll from restrictions, which will likely continue to delay new building projects. Job losses are expected, and home construction could drop 34%.

Expect e-commerce and the industrial sector to remain strong due to infrastructure projects coming online this year.

Latin America took a hard hit from the pandemic, which had significant negative impacts on construction. 2021 may be nearly as difficult.

Peru and Argentina, two of the largest countries on the continent, will continue to see declines in construction. Mexico is the bright spot, expected to see construction growth of some 15%.

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