The source of this data is the U.S. Department of Commerce (Chart forecast).
The data above shows the global spending on construction from 2000 to 2023. Overall, the construction spending has been on a steady incline from the year 2000 to the present. In 2000, the global construction spending was 3.6 trillion and it has continued to increase each year. By 2023, it is projected to reach 13.7 trillion, representing a 277% increase in construction spending since 2000.
Between 2000 and 2007, the construction spending increased by 74.2%, with the highest increase of 17.3% occurring in 2005. This growth rate slowed significantly during the global economic recession of 2008, with a decrease of 5.5%. However, the construction spending quickly recovered and grew by 11.8% between 2009 and 2011. Since then, the construction spending has increased steadily by an average of 4.2% each year.
Looking at the projections for the next three years, the construction spending is projected to increase by 3.7% in 2022 and by 4.7% in 2023. This indicates that the steady increase in construction spending is expected to continue in the near future.
