The World Economic Forum estimates that the
construction sector contributes 13% of global GDP. Additionally,
the construction sector generates a wide range of goods and
services, including raw materials, machinery, and professional
services. Given the size of this industry, there are many areas
that could be improved to optimise its overall functionality.
Let's examine the six key issues that the construction
industry currently faces:
1. A SLOW GROWTH RATE
The construction industry is forecast to experience a modest
growth rate of 0.8% in 2023. Various ongoing challenges can explain
the slow pace of growth, including reduced interest from developers
to undertake new projects, the pandemic, and the Ukraine war, which
has led to a global economic decline, limited access to project
financing, and delayed and liquidated damages.
