Global Construction Megacities 2017
According to ‘Global Construction Megacities’, a report published by Timetric’s Construction Intelligence Center (CIC) in January 2017, London comes top of the megacity development list, with total construction project values close to US $426bn. Second and third are Dubai (with $367bn) and Abu Dhabi (with $275bn).
The report features 50 cities, each with project investments of more than $30 billion. The total pipeline amounts to $4.8 trillion and includes 6,400 projects at various stages of development.
Other than London, the list is dominated by the Asia-Pacific region, which accounts for half of the cities. Seven Chinese cities feature in the list, with a combined pipeline total of $475 bn. India has four cities on the list with a total of $221bn and Australia has three with a total of $342bn.
The Association of Southeast Asian Nations (ASEAN) has eight cities, including Singapore, totaling $568bn.
North America has 11 cities with a total of $736bn, which could increase with the arrival of Donald Trump in the White House, who has promised to invest in construction and infrastructure projects. Latin America has only two on the list, totaling $124bn.
Europe only has five cities on the list, with a combined total of $890bn, reflecting the more sedate level of construction in the region.
CIC’s lead economist Danny Richards said: “The increasing economic power of cities worldwide is becoming an unstoppable trend, as growth in incomes and opportunities continues to attract more and more people to urban centers. In order to cater for the expansion in urban populations, huge investment is required in new residential and commercial buildings as well as utilities and transport networks and other physical infrastructure.”
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