Fuelling progress in the construction sector

As we look ahead to the future of the construction sector, we find ourselves on the threshold of a transformative period filled with remarkable progress and growth.

The construction industry is on an upward trajectory primed for substantial expansion, offering a multitude of opportunities for those involved. This surge, spanning both the public and private sectors, spurs a robust demand for construction services.

With continuous global population growth and urbanisation trends, the growth anticipated is inextricably linked to the increasing demand for housing, commercial spaces and industrial facilities that are modern and flexible.

The construction industry is making a concerted effort to transition toward a greener and more eco-friendly future, targeting a substantial reduction in emissions to create a sustainable environment for future generations. There will be an increasing focus on the embodied and operational carbon of assets and the selection of materials which can help to achieve net zero status.

The first two quarters of the year witnessed favourable shifts in project costs compared to 2022 and the challenge shifts to delivery of the huge pipeline of work. The rapid development of innovative technologies, materials and construction methodologies promises to enhance the industry's overall efficiency.

India’s economic outlook looks promising, with forecasts of positive gross domestic product (GDP) and a single-digit inflation rate. However, this growth depends on global factors, including the geopolitical situation. The current war in the Middle East has the potential to become protracted and escalate to involve other countries. This worrisome shift in October, along with the continuing conflict in Ukraine, will influence the global economy. China’s performance will be another sway.

Factoring all these national and international movements, we are pleased to present our biannual publication, which offers a comprehensive review of current market trends with a detailed analysis of cost dynamics. Our report also features an in-depth market survey that sheds light on the realities of the construction industry.

We hope that this publication will bring optimism regarding India's growth trajectory and serve as a valuable resource for all stakeholders seeking up-to-date insights into market trends within the built environment.