According to the latest Global Construction 2030 report, 2020 was a better year for construction than for many other industries. The volume of global construction output declined by only around 2 percent in 2020, less than half the rate of decline in the world economy. Construction was categorized as an essential industry in most countries, enabling it to continue working during lockdowns. In addition, “work from home” orders encouraged people to invest more in their own houses.
Among the 90 countries included in the report, 16 had double-digit percentage declines in their construction volumes in 2020; with Panama (down 30 percent), Singapore (down 25 percent) and the Philippines (down 22 percent) suffering the largest falls. Only Saudi Arabia (up 15 percent) had a double-digit percentage increase.
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