TurnerTownsend：2024年國際建筑市場調(diào)查報告 International construction market survey

ICMS2024

International

constructionmarketsurvey

Keyhighlights

55

marketsarewarmorhot

32

marketsaresettowarmup

20

marketsareexpectinglowerconstructioncostinflation

makingthedifference

05|Methodology

01|Introduction

02|Globaleconomicoutlook

03|Globalconstructioncostperformance

04|Regionalinsightsanddata

Globaleconomicoutlook

2Anelectionyear

2Globalforecasts

4Inflationrates

6Hurdlesremainforpricedeflation

7Newgrowthcatalysts

02

01

Introduction

05

Contents

06|Contact

06

Globalconstructioncostperformance

8Internationalranking

10Preliminariesandmargins

11Costinflation

13Inputcosts

18Tendering

03

Methodology

Contact

Regionalinsightsanddata

20Africa

26Asia

33AustraliaandNewZealand

39Europe

48MiddleEast

52NorthAmerica

60SouthAmerica

66UK

04

2|Internationalconstructionmarketsurvey2024

01|Introduction

02|Globaleconomicoutlook

03|Globalconstructioncostperformance

06|Contact

05|Methodology

04|Regionalinsightsanddata

01|Introduction

Globalconstructiongetsbackonstrongerfooting

OurInternationalconstructionmarketsurveybringstogetherdata,insightsandexperienceacross91globalmarketsin42countries.Nowinits15thyear,itexploreshowtheindustryisperforming,thechallengesitfacesanditsfutureoutlook.

Ourteamofglobaleconomistscollaboratedwithourlocalspecialiststoevaluateinputcosts–suchaslabor,materials,andplant–andoutlinedtheaverageconstructioncostspersquaremeterformultipleassetclassesacrossseveralsectorsinkeymarkets.

CostdatawascollatedinQ12024measuringtheperformanceofprojectsandprogramsacrossthe

previouscalendaryear.Thisinformationprovidescontextandaricherunderstandingofthebalanceofsupplyanddemandandthecostpressureswithineachmarket.

Sinceour2023publication,wehaveaddedthreenewuniquemarketsinJapan–Fukuoka,HiroshimaandSapporo.Wepublishdatafor91marketsintotal–alistofthosemarketscanbefound

here

.

Forsimplicity,wehaveadoptedstraight-lineUSDconversionasourprimarymethodofcomparisonforourcostdata.Formoreinformation,refertothe

methodologysection

.Detailedexplanationsofwhatisincludedinandexcludedfromourcostinformationaregiven

here

.

Theglobalrealestatemarketisemergingfroma challengingperiodofinflationarypressures,volatilityanddisruption.Theconstructionsectorhasprovedresilientwithsteadyactivityoverall.

NeilBullen,GlobalHeadofRealEstate

Wehopethatourreportservesasausefulbarometerofthegeneralhealthoftheglobalconstructionindustry,aswellastheperformanceofindividualmarketsandcollectiveregions.

GlobalHeadofRealEstate,NeilBullen,introducesour research.Ourlatestreport seesglobalconstruction emergingfromaperiodof significanteconomic challengeandslowly returningtostrengthasinflationarypressuresease, buildcostsstabiliseandconfidencerises.

1|Internationalconstructionmarketsurvey2024

01|Introduction

02|Globaleconomicoutlook

03|Globalconstructioncostperformance

04|Regionalinsightsanddata

05|Methodology

02|Globaleconomicoutlook

Shockabsorber:globaleconomytomarchsteadilythroughapivotalpoliticalyear

Whilemomentumcontinuesacrossin-demandindustries,structuraleconomicchallengesremaindeeplyrootedacrosstheglobe,placingadragongrowth.

Takenasawhole,theglobaleconomyisstableandimproving,thoughitisalongwayfrombooming.Severalindicatorspointtoaperiodofsluggishgrowthtocome.

Despitethis,therearereasonstobepositive.Theriskofaglobalrecessionhasbeenskirted,withinflationeasing,andcommodityandenergypricessoftening.Asaconsequence,thereisincreasedexpectancyinglobalfinancialmarketsforcutsininterestratestostimulategrowth.

However,thisgrowthwillbehardwon–andslowtomaterialize.

Highstakesinanelectionyear

Asequenceofoverlappingrisksisbeingheldinthebalancebypolicymakers.

2024issettoseethegreatestnumberofelectionsinglobalhistory,

withswathesoftheworld’spopulationheadingtotheballotboxes.

Recentgeopoliticalinstability,risingtensionsandpotentialmoves

towardsmoreisolationist,de-globalizingpoliciestowinvotesmayaffecttheglobaleconomicpicture.

Thisillustratesacomplexandunpredictableeconomicoutlook,whichmanycommentatorsexpecttoremainsubduedfortherestofthis

decade.

However,asthepast12monthshavedemonstrated,expectationsmaywellbeexceeded,withtheworldeconomyshowingremarkableresiliencethroughcontinuedshocks.

Globalforecastspaintamixedpicture

Overallgrossdomesticproduct(GDP)hasheldupbetterthan

anticipated,growingby3.5percentin2022and3.2percentin2023,anoutperformancecomparedwiththe

IMF’sforecast

of2.7percentfor2023.

Whilehighinterestrateswereexpectedtodramaticallypinchhouseholdbudgetsandconstrainspendingindevelopedmarkets,savings

accumulatedduringthepandemichavesofarprovidedabuffertostaveoffrecessionarypressuresinmanymarkets.

However,tightmonetarypoliciestocounterinflation,theremovalof

fiscalsupportandlowproductivityinseveralmajoreconomiescouldputthebrakesongrowthintheshortandmediumterm.

Increasedpropensitytousetariffsandsubsidiestosafeguarddomesticinterestscouldcontinueasmanyhittheelectioncampaigntrail,furtherfragmentingglobaltradeand

exacerbatinggeopoliticaltensionswhichariseasaresult.

ForecastsforseveraloftheG20’semergingeconomieshavebeenreviseddownandwillweighontheglobaleconomy.

India,spurredonbyoneoftheworld’syoungestpopulations,isnow

expectedtodeliver6.8percentGDPgrowthin2024–thehighestintheG20,butapercentagepointlowerthanin2023.

China’sambitiousgrowthagendaisbeinghamperedbyadownturninitsrealestatesector,onwhichthenationaleconomyisheavilyreliant,andtheforecastisforgrowthtoslowfrom5.2percentin2023to4.6percentin2024.

ThereisgeneralconsensusintheforecastspublishedbyboththeIMFandtheOrganizationfor

EconomicCo-operationandDevelopment

(OECD).

TheemergingeconomiesofIndia,Indonesia,China,TurkeyandRussiaareallexpectedtobethestrongestperformers,continuingthetrendofthepasttwodecades.

06|Contact

2|Internationalconstructionmarketsurvey2024

01|Introduction

02|Globaleconomicoutlook

03|Globalconstructioncostperformance

04|Regionalinsightsanddata

05|Methodology

Theweakestemergingeconomiesare

expectedtobeArgentina,wherewecould

seeradicalpoliciestostemitsinflationary

spiralandeconomicdecline,andSouth

Africa,wherecitizenshaveheadedtothe

pollsforthemostimportantelectionin30

years.SouthAfrica’seconomicoutlookis

beingunderminedbyhighunemployment,

continuedelectricityshortagesandhighpublicdebtlevels.

Turningtothedevelopedeconomies,

Germanyisexpectedtoshowtheweakestperformanceamongtheeurozone,as

elevatedenergycosts,decreasedforeign

investmentandrecordhighinterestratestaketheirtoll.However,someindicatorsnowpointtothe

businessoutlook

steadilyimproving.

SpainisforecasttooutperformotherEU

nationswith1.9percentgrowthforecasted.Itseconomyhasbeenbolsteredbythereturntopre-pandemiclevelsoftourismandwavesoffinancialinvestmentinrecentyearsfromtheEURecoveryFund.

Figure1:

2024RealGDPforecastofG20economies

India

Indonesia

People'sRepublic

ofChinaWorld

RussianFederationRepublicofTürkiye UnitedStatesSaudiArabia

Mexico

RepublicofKorea Brazil SpainAustraliaCanada

SouthAfrica

JapanEuroarea FranceItaly

UnitedKingdomGermanyArgentina

Region

-2.8

1

1.5

1.2

0.9

0.9

0.8

0.7

0.7

0.5

0.2

3.2

3.2

3.1

2.7

2.6

2.4

2.3

2.2

.9

5.0

4.6

6.8

-4.0-2.00.02.04.06.08.0

(%)

06|Contact

3|Internationalconstructionmarketsurvey2024

01|Introduction

02|Globaleconomicoutlook

03|Globalconstructioncostperformance

04|Regionalinsightsanddata

05|Methodology

Inflationratesofferingrespite

Whilestillabovetargetlevels,headline

inflationhasbeenfallingfromthepeaksin2022.Globally,theratesatat6.8percentin2023,andisontracktofallto5.9percentin2024andfurtherto4.5percentin2025,accordingto

IMFdata

.

Freightcostshaveseenadramatic

decreaseof75percent

sinceJanuary

2022,butarestill79percentabovetheirpre-pandemiclevels.

Theoveralleasingofinflationisbeingaidedbyshippingandcommoditypricescontinuingtosettlefollowingthedisruptionofthe

pandemic.Asaresultofsofteneddemand

andsupplychainbottleneckseasing,pricesofkeymetalshavedroppedoverthepast

year.

TheWorldBank

hasreportedreductionsof14.5percentinthecostofironore,25.1percentfornickeland17.1percentforzinc,withtheseexpectedtofallfurtherthrough

2024.

Greatercertaintyaroundenergysupplies

andtheimpactoftightmonetarypolicyon

globaldemandhavealsobeenpushingcostsdownwards.Theaveragepriceofoilhasfallenby28.5percentsinceitspeakinJune2022

asproductionintheUSandIranhasswelled.

InEurope,whererelianceonRussianoilandgascausedpricestosoarin2022withthe

outbreakofthewarinUkraine,marketshaveshiftedtoimportsfromtheUSandnorthernAfrica,allowingtheregiontoshoreup

reservesandstabilizeprices.

Figure2:

WorldBankCommodityPriceIndex

AluminiumIronore,cfrspotCopperLeadTinNickelZinc

Index:2016=100

400.0

350.0

300.0

250.0

200.0

150.0

100.0

50.0

Jan2020Nov2020Sep2021Jul2022May2023Mar2024

Figure3:

Oil,naturalgasandcoalprices

300.0

250.0

200.0

150.0

100.0

50.0

0.0

Crudeoil,BrentCrudeoil,DubaiCrudeoil,WTI

Index:(2016=100)

700.0

600.0

500.0

400.0

300.0

200.0

100.0

0.0

Coal,AustralianCoal,SouthAfrican

Index:(2016=100)

1800.0

1600.0

1400.0

1200.0

1000.0

800.0

600.0

400.0

200.0

0.0

Naturalgas,USNaturalgas,EuropeLiquefiednaturalgas,Japan

Index:(2016=100)

Jan2020Nov2020Sep2021Jul2022May2023Mar2024Jan2020Nov2020Sep2021Jul2022May2023Mar2024Jan2020Nov2020Sep2021Jul2022May2023Mar2024

06|Contact

4|Internationalconstructionmarketsurvey2024

01|Introduction

02|Globaleconomicoutlook

05|Methodology

04|Regionalinsightsanddata

06|Contact

03|Globalconstructioncostperformance

Withinflationcontinuingtoeasethisyear,

therewillbeincreasedcallsforcentralbankstostartcuttinginterestrates.However,

asenseofcautionistobeexpectedas

monetarypolicymakersandgovernments

walkacarefullinebetweenencouraging

growthandkeepingahandleoninflation.Asaresult,wemaynotseeratecutsinsomemajormarketsuntilthetailendof2024orearly2025.

AsUSratesremainhighforlonger,thiswill

causeacutechallengesforemergingmarketswithlargedollardenominateddebtsand

couldmakeitmoredifficultforothercentralbankstolowertheirownrates.Thatsaid,theexpectationisforratestostarttoeasefrommid-2024into2025asbanksworktospuronfreshinvestment.

Theinterestrateoutlookforemerging

economiesisnotasdovishasitisfor

developedcountries.InbothBraziland

Mexico,ratesareexpectedtobecloseto

10percentattheendof2024,andinIndia,onlyamoderatefallisexpectedfromthe

6.5percentpeakto5.75percent.Theneedtocontrolinflationisstillthemainpolicy

objective.

Figure4:

Developedandemergingeconomiesinterestrateandforecast

Developedeconomies

6.0(%)UnitedStatesEuroarea-Japan·UnitedStates_fEuroarea_fJapan_f

5.0

4.0

3.0

2.0

1.0

0.0

-1.0

Jan2022May2022Sep2022Jan2023May2023Sep2023Jan2024May2024Sep2024Jan2025May2025Sep2025Jan2026

14.0

12.0

10.0

8.0

6.0

4.0

2.0

0.0

Emergingeconomies

(%)

BrazilIndiaMexicoSouthAfrica--Brazil_f--India_f--Mexico_f--SouthAfrica_f

Jan2022May2022Sep2022Jan2023May2023Sep2023Jan2024May2024Sep2024Jan2025May2025Sep2025Jan2026

5|Internationalconstructionmarketsurvey2024

01|Introduction

02|Globaleconomicoutlook

03|Globalconstructioncostperformance

04|Regionalinsightsanddata

05|Methodology

Hurdlesremainforpricedeflation

Geopoliticaltensions,particularlythepossibilityofanescalationof

theconflictintheMiddleEast,couldspellfurthertroubleforinflation

andinterestrateforecasts.

Thecostofmechanicalandelectrical

componentsinEurope,forexample,has

pickedupduetotheredirectionofshipping

routesbyFarEastsuppliers,whichdominateproductionofelectronics,aroundtheCapeofGoodHopetoavoidtheRedSea.AtthestartoftheRedSeacrisis,therewasanupsiderisktoinflationfromrenewedgoodsdelaysand

highershippingcosts.However,sofar,wehavenotseenthismaterialize.

Shortagesofskilledlaborareproviding

anotherbarriertounpickingstubborn

inflation.UnemploymentratesintheG7

economiesareathistoricallows,inpartas

aresultofearlyretirementdecisionsand

careermovestriggeredduringthepandemic.

Whilelowunemploymentratesshouldsupportdemandandprotecteconomiesfromrisks

ofoutrightrecessions,itisalsopushingwagecostsupwards,addingtopersistentinflationarypressures.

Figure5:

UnemploymentratesinG7economies

14.0

(%)CanadaItalyGermanyFrance-USA-UKJapan

13.0

12.0

11.0

10.0

9.0

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

2000Q12004Q42009Q32014Q22019Q12023Q4

Thebalancebetweenlaboursupplyand

demandisbeginningtoshiftforseveral

reasons.Recruitmentchallengesarelimitingbusinesses’appetiteforlay-offs,whileasoftoutlookforgrowthhaserodedthevolumeofunfilledvacanciesinthejobmarket.

Meanwhile,emergingmarketsarealso

benefittingfromstrongpopulationgrowthandincreasinglyyoungworkforces.

AlthoughtheUS,Canada,UKandtheEuroareahaverecordedanincreaseinforeign

migrantworkerssincethepandemic,labourparticipationratesinNorthAmericahave

beenmostlyflatforthepastyear,fallingintheUKandwithamodestriseintheEuroarea.

Generalelectionstakingplaceinanumberofmajormarketsthisyear,theUSmost

notably,throwupconsiderableuncertaintiesaroundfutureimmigrationpolicies,which

couldimpactthesupplyofskillsand

contributetoaheatinglabourmarketoncemore.Politicaluncertaintiesarealsolikelytointroducerenewedvolatilityinthecurrencyandcommoditymarketsandcouldreigniteinflationarypressures.

06|Contact

6|Internationalconstructionmarketsurvey2024

01|Introduction

02|Globaleconomicoutlook

03|Globalconstructioncostperformance

04|Regionalinsightsanddata

05|Methodology

Newcatalystsforinvestment

Therearegreenshootsofrecoveryappearingacrossglobalregions,particularlyintherevivalofindustrialmanufacturing,whichisprovinganimportantcatalystforinvestmentandproductivity.

IntheUS,subsidiesthroughtheInflationReductionActaresupporting

theadvancementofgreentechnologies,particularlybattery

manufacturing–workingtochallengeChina’scurrentdominancein

thisarea.Similarly,theBidenadministration’sChipsandScienceActisspurringonthedevelopmentofthecountry’sdomesticmanufacturingsector.

Advancedmanufacturingcontinuestoboomacrossitstraditional

heartlandsinAsia.EuropeisalsoacceleratingitsinvestmentwiththeEU’sNetZeroIndustryAct.

ArtificialIntelligence(AI)holdsthepotentialtoraiseworkerproductivityandincomes,contributingtogrowthoverthemediumterm.

AIcouldhelpbreakoutofthepost-2008cycleofdiminishing

returnsfromtechnologicalprogressandslowadoptionofnewdigital

technologiesintoproductionprocesses.Butthiscomesatthepotentialcostofjobdisplacementandincreasedinequality–makingAIbothanopportunityandchallengeinequalmeasure.

Climatechangetodefinelong-termgrowthprospects

Climatechangewillbethedefininglong-termchallengefacingtheglobaleconomy.Accordingtothe

WorldEconomicForum

,theglobaleconomycouldlosetenpercentofitstotaleconomicvalueby2050asaresultofclimatechange.

However,agrowinglistofcountries,cities,businessesandother

institutionshavepledgedtomeetnet-zeroemissions.Morethan140countrieshavesetthesetargets,coveringabout88percentofglobalemissions,byatleast2050.

Thereisalreadyasignificantdrivetodeveloprenewableenergysourcesfromsolarpower,windfarmsandhydroandtomoveawayfromcarbonenergygeneration.Thiswillrequireasignificantamountofinfrastructureinvestment,atatimewheninterestratesareexpectedtoremainhigh.

Lookingbeyondinterestratestospurongrowth

Therearereasonstobeoptimisticabouttheoutlook,withinflation

expectedtofallacrosstheglobethisyear,energyandcommoditycostseasingandtheexpectationoflowerinterestrates.

Healthyinvestmentiscontinuinginkeysectorsonaglobalscale,

suchasinindustrialmanufacturing,datacenters,healthcareandlifesciences,whichwillhelptokeepthewheelsofgrowthturning.

Yettheeconomyremainsonanunsurefootingandgrowthislikely

toremainsubdued.Banksmaybeslowinreducinginterestrates,

particularlyintheUS,whichwillhaveknock-onimpactsforinvestmentacrosstheworld.

Regardlessofwhenrateseaseorbyhowmuch,policymakerswillneedtoplaceasharpfocusonimprovingproductivityandmaintainingfree-flowingglobaltradetoreaptherewardsofgreaterfiscalheadroomandrestarttheengineofgrowth.

Climatechangemitigationpoliciesareexpectedtodriveinfrastructureinvestmentinrenewableenergy,aswellasopportunitiesfordomesticandcommercialheatpumpsandproductionofelectricvehiclebatteries.

Inrealestate,thereisalreadyashiftindemandforsustainable

buildingsandthisisexpectedtogrowoverthedecadetocome.

Forclientslookingtoresettheircapitalinvestmentstrategiesagainstthisbackdrop,thenext12monthsshouldofferanincreasinglystableenvironmenteconomicallywithkeyopportunitiesdevelopinginvibrantsectors,greeninvestmentareasandemergingeconomies.

06|Contact

7|Internationalconstructionmarketsurvey2024

06|Contact

01|Introduction

02|Globaleconomicoutlook

03|Globalconstructioncostperformance

04|Regionalinsightsanddata

05|Methodology

03|Globalconstructioncostperformance

Slowstepsforward:gradualaccelerationinactivityasbuildcostsstabilise

Aninternationalranking–wherearethemostexpensivemarkets?

Tenmostexpensiveplacestobuild

Overview

Overthepast12months,inflationary

seenactivitygrow,coupledwithsustainedhighpricesforlabor,machineryand

equipment.

Londonhasre-enteredthetoptenintenth

position,withanaveragecostofUS$4,473

perm2.Amongthecontributingfactorsof

thisrisearethegrowingconstructioncapacitysqueezeandtheappreciationoftheUKpoundsterlingrelativetotheUSdollar.

Marketvolatility,tighteningfinancial

conditionsanddecreasedaffordabilityhaveinfluencedexchangeratessignificantly.

Throughout2023,manycurrencies

depreciatedagainsttheUSdollarasaresult.NotablyabsentfromthetoptenrankingsareTokyoandOsaka,whichhaveslippedto14thand17thposition,respectively.Japanhas

witnessedasignificantdevaluationoftheyen,withtheeconomyexperiencingonlymoderategrowthfollowingthepandemicshock.This,

pairedwithstronginflationelsewhere,has

contributedtoawidergap.Despitethis,

theweakenedyenhasspurredforeign

investment.Datacentredevelopmentis

pressures,reducedcreditavailability,tightcapitalmarketsanddecliningaffordabilityhavebeenwidespreadtrendsacrossglobalconstructionmarkets.

Sincethebeginningoftheyear,however,mostconstructionmarketshavebeen

graduallyemergingfromaperiodof

significanteconomicdifficulty.Countriesarenowdivergingintheirreactionstoinflationarypressure.Whilesomeemergingmarketshavestartedtoreduceinterestrates,themajorityarestillcontendingwithelevatedrates.

Againstthisvolatilebackdrop,globalconstructionpresentsamixedpicture.

Geopoliticaltensions,disruptedsupplyroutesandincreasingshiftstowardsnearshoring,

friend-shoringandonshoringhaveimpactedconstructionpricing.

Despitethesechallenges,mostmarketshavemaintainedsteadyactivitylevelsoverthe

pastyear,withfast-growthsectors,attractivelocationsandhotinvestmentareashelpingtoholdupoveralldemand.

Accordingtoourdata,NewYorkCityhasretaineditspositionasthemostexpensivemarkettobuildinforthesecondyear

running.Theaverageconstructioncostperm2standsatUS$5,723,up5.0percent

comparedwithlastyear.

SanFranciscocloselyfollowsinsecondplace,withanaveragecostofUS$5,489perm2.Itsimilarlyretainsitsposition,afterdropping

fromfirstplacein2022.

ZurichhassurpassedGenevatoclaimthird

place,withanaveragecostofUS$5,035perm2,up8.2percentontheyear.Meanwhile,

Genevasawa7.7percentincrease,averagingUS$5,022perm2.

Thetopofthetablecontinuestobe

dominatedbyUSlocationswithLosAngeles,

Boston,SeattleandChicagoallshowing

significantincreasesincostcomparedwith2023.LosAngeleshassecuredfifthplace,surpassingBoston,whichisnowinsixth.

Seattlehasrisentoseventhplace,followedbyChicagoineighth.

TheongoinghighbuildcostsinUScities

arebeingdrivenbyarangeoffactors.Atadomesticlevel,robustindustrydemandhas

gainingtractionalongsidelarge-scaleprojectssuchastheOsakaExpoandsemiconductor

factoriesinKyushuandHokkaido.

8|Internationalconstructionmarketsurvey2024

06|Contact

01|Introduction

02|Globaleconomicoutlook

03|Globalconstructioncostperformance

04|Regionalinsightsanddata

05|Methodology

Figure6:

Themostexpensiveplacestobuild(ft2),averagecostofelevenbuildingtypesinUSD

($)600.0

500.0

400.0

300.0

200.0

100.0

0.0

9|Internationalconstructionmarketsurvey2024

Contractorsandsupplychainshaveadaptedtothe“newnormal”followingtheCOVID-19

pandemicandtheprolongedconflictinUkraine.However,newchallengeshavearisenfromincreasinggeopoliticaltensionsintheSouthChinaSea,disruptionstoshippingintheRed

SeaanddroughtinthePanamaCanal.Asaresult,anypotentialreductionsinpricesmaynottranslateintocostsavingsforthoseprocuringconstructionwork.

Instead,manycontractorsandelementsofthesupplychainhavesoughttorecoversomeof

thelostearningsinrecentyears.Profitmarginshaveconsequentlycontinuedtorise,perhaps

drivenmorebymarketconditionsthaninputcosts.Additionally,contractorsarelessabletoofferreducedmarginstowinwork,giventhefinancialstrainmanyhavecomeunderinrecentyears.Profitmarginshaveincreasedfromanaverageof6.6percentin2023to7.0percentin2024,

thoughthesevaryacrossdifferentregions,withdevelopingeconomiestypicallyexhibitinghighermargins.

Oursurveyidentifiedthetypicalpreliminarypercentageonamediumcommercialprojectwithagrossfloorarea(GFA)of5,000m2.Thesealsovarybyregionandcountry,influencedbyfactorssuchasthetypeofconstruction,localbuildingstandardsandthecomplexityofbuildingsites.

Alongwiththealleviationofinflationarypressures,preliminarycostshavedecreasedtoanaverageof11.6percentin2024from15.5percentin2023.

06|Contact

01|Introduction

02|Globaleconomicoutlook

03|Globalconstructioncostperformance

04|Regionalinsightsanddata

05|Methodology

Preliminariesandmargins

Bytheendof2023,inflationarypressuresstemmingfromsupplychaindisruptions,increased

Figure7:

Preliminariesandmargins(fullranking)PreliminariesMargins

Lagos

CapeTown

Johannesburg

Gaborone

Kigali

Harare

Kampala

Nairobi

HongKong

Macau

KualaLumpur

Manila

Singapore

Seoul

Bangalore

Hyderabad

Sapporo

Hiroshima

Fukuoka

Tokyo

Osaka

NewDelhi

Mumbai

Jakarta

Beijing

Guangzhou

Shanghai

Shenzhen

Hanoi

HoChiMinhCity

Brisbane

Adelaide

Perth

Sydney

Melbourne

Auckland

Christchurch

Dublin

Vienna

Brussels

Amsterdam

Stockholm

Paris

Berlin

Frankfurt

Hamburg

Munich

Milan

Madrid

Zurich

Geneva

Warsaw

Dubai

Riyadh

AbuDhabi

Doha

Ottawa

Montreal

Toronto

Vancouver

Tampa

Calgary

Edmonton

MexicoCity

Monterrey

Atl