BOULDER, Colo.--(BUSINESS WIRE)--A recent report from Navigant Research provides data on the size and projected growth of the global building stock from 2013 to 2023, including forecasts for commercial and residential buildings, by country, through 2023.
Today, for the first time in history, more people live in cities than in rural areas. Over the next 10 years, growth in urban areas is projected to explode, particularly in developing countries. Click to tweet: According to a recent report from Navigant Research, this surge in urban population growth is expected to drive an equally rapid expansion in the global building stock, which is forecast to grow from 138.2 million square meters in 2013 to 171.3 million in 2023 —an increase of 24 percent.
“While the leading developed economies already have urban population rates of more than 80 percent, China passed the 50 percent mark only in 2011, and India will not reach 50 percent urban population until 2050,” says Noah Goldstein, research director with Navigant Research. “As people move from rural to urban areas, they create pockets of intense construction activity and shift from basic housing to modern housing, in tandem with the growing middle class in many developing economies. Along with construction comes increased national energy use and material consumption.”
Although global construction markets are still recovering from the 2008-2009 recession, they continue to add new commercial and residential floor space to the world’s buildings, according to the report. The commercial and residential segments will experience compound annual growth rates over the next 10 years of 2.1 percent and 2.2 percent, respectively. In particular, China’s construction boom has fueled extraordinary growth in that country’s building stock, with nearly 2 billion square meters added each year.
The report, “Global Building Stock Database”, provides data on the size and growth of the global building stock, by country, from 2013 to 2023. It examines the key drivers and trends related to the building stock and an explanation of the methodology used to build the data set. The building stock data covers eight commercial building types (office, retail, education, healthcare, hotels & restaurants, institutional/assembly, warehouse, and transport) and two residential building types (single-family detached and multi-unit residential) for seven regions worldwide. This report is intended to provide a comprehensive picture of the global commercial and residential building stock. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
About Navigant
Navigant (NYSE: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals provide services that extend from expert and advisory work through implementation and outsourcing. The firm combines deep technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism to address clients’ needs in highly regulated industries including Construction, Energy, Financial Services and Healthcare. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, “Global Building Stock Database,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
