About our survey
Now in its 13th year, our latest International Construction Market Survey brings together information and insights from 88 global markets. It aims to provide knowledge of major challenges, new prospects and the general state of play for the global construction industry.
Key highlights
markets are warm, hot or overheating
Our team of economists worked closely with our local experts to analyse input costs – such as labour, materials and plant – and charted the average construction costs per square metre for multiple asset classes across several sectors in 31 key markets. Cost data was recorded during Q1 2022 and omits the impact of war in Ukraine on the prices of the various assets classes we display.
The spotlight cost data for 31 core markets was complemented by additional data gathered in a further 57 markets, allowing us to assess market conditions in 88 locations in total. Whilst cost data has been collated during Q1 2022, sentiment data and forecasts are relevant for Q2 2022, capturing assumptions and thoughts following the start of war in Ukraine. This information provides context and a richer understanding of the balance of supply and demand and the cost pressures within each market.
Most markets have recovered from the initial impact of COVID-19 but the invasion of Ukraine and lockdowns in China are starting to influence construction markets and the global economy. When asked “How would you describe current market tendering conditions?”, 1.1 percent responded with ‘Cold’, 23.9 percent ‘Lukewarm’, 36.4 percent ‘Warm’, 28.4 percent ‘Hot’ and 10.2 percent ‘Overheating’.
As many markets grapple with unbalanced recoveries from COVID-19 induced recessions, fallout from the invasion in Ukraine and ongoing global supply chain disruptions, 2022 poses continued challenges, but also new prospects. We hope that our report serves as a useful barometer of the general health of the global construction industry and the performance of individual markets and collective regions.
Since our 2021 publication, we have added four new unique markets – Hyderabad, Osaka, Denver and Phoenix. However, we have moved from 90 to 88 markets in total, reducing our overall coverage by two markets, one of which was Moscow. A list of those markets can be found here.
For simplicity, we have adopted straight-line USD conversion as our primary method of comparison for our cost data. For more information, see the methodology section. Detailed explanations of what’s included in and excluded from our cost information are given here.
markets are warming up
markets are cooling
new (unique) markets since 2021
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