The numbers

The recently published Global Construction Futures Report, produced by Oxford Economics, predicts that completed global construction work will grow over US$4.2 trillion over the next 15 years—from US$9.7 trillion in 2022 to US$13.9 trillion by 2037.

China, the US, and India will account for 51% of all work done by 2037. Elsewhere the UK is expected to be the highest growth county in Western Europe as mega infrastructure projects continue to drive growth particularly with green transition drives sustained and large-scale growth in energy generation and transmission infrastructure.

What's ahead in 2024?

According to Oxford Economics Western Europe has reclaimed its historical position as the second-largest construction market after Emerging Asia, accounting for just under a fifth of total construction work done globally. And in Eastern Europe the construction market is expect to grow more than US$180 billion by 2037, a 40% increase from 2022, fuelled partly from reconstruction of damaged infrastructure in Ukraine and the rebuilding of affected areas of Turkey post the devastating earthquakes of 2023.

The challenges

Whilst the outlook for growth within the European construction and infrastructure sector is positive there are and will continue to be a significant number of existing and new challenges faced by firms and individual Directors. High inflation, the threat of recessions, ongoing conflicts with Russia’s war on Ukraine and high volatility in the Middle East, supply chain strains, cyber security and the transition to a net-zero environment are just a few examples of some of the challenges and risks.

Importance of good risk management

To meet these challenges and risks, construction contractors and project owners are placing an ever greater emphasis on the governance of risk management across their businesses. Budgets are shifting, risk management functions are growing in volume and increased responsibility and strategies are changing.

Join us

This year's conference will provide insightful analysis and debate helping risk professionals in the construction industry to increase their knowledge and adapt their risk strategies during this crucial period of evolution and transition for the market. Join us on 23 and 24 April in London as Commercial Risk hosts the 5th Construction Risk Management Conference (Europe).