China Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (Q4 2024)
Summary
GlobalData estimates the Chinese construction industry to record a growth in real terms of 2.9% in 2024, supported by investment in the infrastructure, and energy sectors. In October 2024, the government announced plans to allocate CNY200 billion ($27.9 billion) for major construction projects to support the country’s economy. However, a continued weakness in the residential sector and a fall in Foreign Direct Investment (FDI) and real-estate investment are expected to pose downside risks to the construction industry in the short to medium term. According to the NBS, the total investment in real estate development declined by 10.1% YoY during January-September 2024. This fall is attributed to a decline in investment in commercial, residential, and office buildings by 13.4% YoY, 10.5% YoY, and 6.5% YoY respectively during the same period. According to the Ministry of Commerce, the country attracted CNY580.2 billion ($81 billion) in FDI in the first eight months of 2024, which is a decline of 31.5% compared to the same period of 2023.
The construction industry is expected to record an average annual growth rate of 3.9% between 2025 and 2028, supported by investment in infrastructure and industrial projects, as well as the government’s plan to achieve net zero emissions of greenhouse gases by 2060. In line with this, in September 2024, the Shanghai local government announced the Shanghai Action Plan for Accelerating the Green and Low-carbon Transformation (2024-2027). This plan aims to deploy solar capacity across the shanghai with a combined installed capacity of 4.5 million kW by 2027 and also accelerate the construction of offshore wind power plants.
GlobalData’s Construction in China - Key Trends and Opportunities to 2028 (Q4 2024) report provides detailed market analysis, information and insights into the Chinese construction industry, including -
- The Chinese construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Chinese construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline
This report provides a comprehensive analysis of the construction industry in China. It provides -
- Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in China, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
- Identify and evaluate market opportunities using our standardized valuation and forecasting methodologies
- Assess market growth potential at a micro-level with over 600 time-series data forecasts
- Understand the latest industry and market trends
- Formulate and validate business strategies using GlobalData's critical and actionable insight
- Assess business risks, including cost, regulatory and competitive pressures
- Evaluate competitive risk and success factors
- 1 Executive Summary
- 2 Construction Industry: At-a-Glance
- 3 Context
- 3.1 Economic Performance
- 3.2 Political Environment and Policy
- 3.3 Demographics
- 3.4 Risk Profile
- 4 Construction Outlook
- 4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
- 4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
- 5 Key Industry Participants
- 5.1 Contractors
- 5.2 Consultants
- 6 Construction Market Data
- 7 Appendix
- 7.1 What is this Report About?
- 7.2 Definitions
- 7.3 CRI Methodology
- About GlobalData
- Contact Us
- List of Tables
- Table 1: Construction Industry Key Data
- Table 2: China, Key Economic Indicators
- Table 3: China, Gross Output of Construction, CNY Billion, (Accumulated)
- Table 4: China, Commercial Construction Output by Project Type (Real % Change), 2019-28
- Table 5: China, Top Commercial Construction Projects by Value
- Table 6: China, Industrial Construction Output by Project Type (Real % Change), 2019-28
- Table 7: China, Top Industrial Construction Projects by Value
- Table 8: China, Infrastructure Construction Output by Project Type (Real % Change), 2019-28
- Table 9: China, Top Infrastructure Construction Projects by Value
- Table 10: China, Energy and Utilities Construction Output by Project Type (Real % Change), 2019-28
- Table 11: China, Top Energy and Utilities Construction Projects by Value
- Table 12: China, Institutional Construction Output by Project Type (Real % Change), 2019-28
- Table 13: China, Top Institutional Construction Projects by Value
- Table 14: China, Residential Construction Output by Project Type (Real % Change), 2019-28
- Table 15: China, Top Residential Construction Projects by Value
- Table 16: China, Key Contractors
- Table 17: China, Key Consultants
- Table 18: China, Construction Output Value (Real, $ Billion)
- Table 19: China, Construction Output Value (Nominal, CNY Billion)
- Table 20: GlobalData Construction Market Definitions
- Table 21: Risk Dimensions
- Table 22: Ratings, Scores and Definitions
- List of Figures
- Figure 1: North-East Asia, Construction Output (Real % Change), 2022-28
- Figure 2: China, Construction Output by Sector (Real % Change), 2022-24 and 2025-28
- Figure 3: China, Risk Summary
- Figure 4: China, Risk Regional Comparison
- Figure 5: China, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2019-28
- Figure 6: China, Construction Output Value, by Sector (Real, $ Million), 2019-28
- Figure 7: China, Construction Value Add, Accumulated Quarter, % Change YoY
- Figure 8: China, Total Value of Buildings Completed by Construction Enterprises (Accumulated, CNY Billion)
- Figure 9: China, Construction Purchasing Managers’ Index (PMI), Seasonally Adjusted
- Figure 10: China, Investment in Fixed Assets in the Construction Sector, (Accumulated % Change, YoY)
- Figure 11: China, Total Value of New Contracts Signed by Construction Enterprises, (CYN Trillion)
- Figure 12: China, Total Value of New Contracts Signed by Construction Enterprises by Top 10 Provinces (CYN Billion)
- Figure 13: China, Investment in Real Estate Development, (Accumulated % Change, YoY)
- Figure 14: China, Construction Projects Momentum Index
- Figure 15: North-East Asia, Construction Projects Momentum Index
- Figure 16: China, Commercial Construction Output by Project Type (Real, $ Million), 2019-28
- Figure 17: China, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 18: China, Total Floor Space of Commercial Buildings Under Construction, in Million m2 (Accumulated)
- Figure 19: China, Total Retail Sales of Consumer Goods, Current Prices, (Accumulated, CNY Billion)
- Figure 20: China, Investment in Commercial Real Estate Development (CNY Billion)
- Figure 21: China, Floor Space of Office Buildings Under Construction (Accumulated, % Change YoY)
- Figure 22: China, Investment in office buildings, In CNY Billion
- Figure 23: China, Industrial Construction Output by Project Type (Real, $ Million), 2019-28
- Figure 24: China, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 25: China, Industrial Value-Add, % Change, YoY
- Figure 26: China, Manufacturing Purchasing Managers Index, Seasonally Adjusted
- Figure 27: China, Total Exports ($ billion)
- Figure 28: China, Infrastructure Construction Output by Project Type (Real, $ Million), 2019-28
- Figure 29: China, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 30: China, Fixed Asset Investment in The Transport Sector (Accumulated % Change, YoY)
- Figure 31: China, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2019-28
- Figure 32: China, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 33: China, Electricity Generation, in TWh
- Figure 34: China, Institutional Construction Output by Project Type (Real, $ Million), 2019-28
- Figure 35: China, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 36: China, Total Value of Buildings Completed for Scientific Research, Education, and Medical Use YoY % Change
- Figure 37: China, Residential Construction Output by Project Type (Real, $ Million), 2019-28
- Figure 38: China, Residential Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 39: China, Total Floor Space of Residential Area Under Construction and Total Floor Space of Residential Builds Started this Year (Accumulated % Change, YoY)
- Figure 40: China, Total Nominal Value of Residential Buildings Sold (in CNY Trillion)
- Figure 41: China, Investment in Residential Real Estate Development (CNY Billion)
- Figure 42: China, Headquarters of Key Contractors (% of Total Project Pipeline)
- Figure 43: China, Headquarters of Key Consultants (% of Total Project Pipeline)
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