Global Construction Outlook Divergences in the world economy and construction markets Scott Hazelton, Managing Director IHS
Jan 19, 2016
Global Construction OutlookDivergences in the world economy and construction markets
Scott Hazelton, Managing Director
IHS
© 2015 IHS 3
A gradual acceleration in the global economy
• World real GDP growth will pick up from 2.6% in 2015 to 3.3% in 2016.
• Consumer spending and homebuilding will lead a US acceleration.
• Recoveries in the Eurozone and Japan will gain momentum, aided by monetary stimulus, currency depreciation, and pent-up demand.
• China’s growth will be restrained by imbalances in credit, equity, housing, and industrial markets.
• Several emerging markets are in recession this year—Russia, Venezuela, Argentina, and Brazil.
• Growth paths in emerging markets will depend on structural reforms that raise productivity and allocate capital more efficiently.
© 2015 IHS 4
The “Great Divergence”
• Over the past four years, global real GDP growth has been remarkably stable, between 2.5% and 3.0%.
• The composition of growth has changed fundamentally, however, with a gradual acceleration among the advanced economies and a sharp deceleration in the emerging world.
• Four trends have driven this divergence:
• Debt and deleveraging
• The plunge in prices of oil and other commodities
• Central banks moving on different paths
• The rise of the US dollar and the fall in other currencies
© 2015 IHS 5
NAFTA Other Americas
Western Europe
Emerging Europe
Mideast-N. Africa
Sub-Saha-
ran Africa
Japan Other Asia-
Pacific
-1
0
1
2
3
4
5
6
7
2013 2014 2015 2016 2017-21
An
nu
al
pe
rce
nt
ch
an
ge
Asia-Pacific (excluding Japan) and Sub-Saharan Africa will achieve the fastest growth in real GDP
Real GDP
Source: IHS © 2015 IHS
© 2015 IHS 6
Supply growth restrains the recovery in oil prices
• Several forces are putting downward pressure on oil prices:• Record OPEC and Russian production• High inventories in the United States and Europe • Unsold oil in the Atlantic basin• Signs of increasing Libyan output
• Current OPEC production is 31.6 million barrels per day (MMb/d), its highest level since summer 2008, when Brent topped USD140/barrel.
• An agreement on Iran’s nuclear program will enable Iran to export about 0.5 MMb/d more in 2016.
• Global demand growth will pick up from 0.7 MMb/d in 2014 to 1.3 MMb/d in 2015, but this is insufficient to balance the market.
• Slower growth in China is the major downside risk to oil demand.
© 2015 IHS 7
Crude oil prices will gradually recover
2000 2005 2010 2015 2020 20250
25
50
75
100
125
150
Current US dollars 2014 US dollars
Do
lla
rs/b
arr
el
7
Price of Dated Brent crude oil
Source: IHS © 2015 IHS
© 2015 IHS 8
The dollar’s real exchange value has reached a 12-year high against major currencies
Real trade-weighted dollar index
1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 20200.6
0.8
1.0
1.2
1.4
1.6
Major trading partners Other important trading partners
Ind
ex
, 2
00
9 =
1.0
Source: IHS © 2015 IHS
© 2015 IHS 9
Exchange rates per US dollar
Quarterly averages
Canadian dollar
Japanese yen
Euro
Chinese renminbi
0.6
0.8
1.0
1.2
1.4
1.6
0.2
0.4
0.6
0.8
1.0
1.2
1998 2001 2004 2007 2010 2013 20164
5
6
7
8
9
1998 2001 2004 2007 2010 2013 201640
60
80
100
120
140
Source: IHS © 2015 IHS Source: IHS © 2015 IHS
Source: IHS © 2015 IHS Source: IHS © 2015 IHS
© 2015 IHS
The five year outlook shows improving growth with particular strength in the APAC and MEA regions
Real construction growth rates, CAGR 2014-2019, %
Less than 0%0% to 2%2% to 5%Greater than 5%
© 2015 IHS
Globally, all segments of construction will enjoy annual growth in the 3%-4% range over the next five years
0
1
2
3
4
5
6
7
Residential Building Infrastructure Total
AP
EE
S. Am.
MEA
N. Am.
WE
World
Five year construction outlook(2010 US dollars, CAGR 2014-19, %)
Source: IHS © 2014 IHS
© 2015 IHS
The most rapid growth comes from Asia, and MEA
15 20 25 30 35 40 45 500
1
2
3
4
5
6
7
8
9
10
Global Median
Kenya
Senegal
Pakistan
Qatar
India
Sri Lanka
BangladeshCameroon
Vietnam
Nigeria
Egypt
China
IndonesiaUnited Arab Emirates
Morocco
Fast growing markets - total constructionBubble size: total construction spending, 2015, billions of 2010 US$
5 Year Construction Risk
Sp
end
ing
Gro
wth
, Rea
l 201
0 U
S$,
CA
GR
201
4-19
(%
)
© 2015 IHS
• The US expansion has regained momentum this spring after adverse weather and an inventory correction in the first quarter. Homebuilding will rise through 2016 as supply catches up with demand.
• Exports and fixed investment will lead Mexico’s acceleration. Consumer spending growth will pick up in response to income gains.
• Canada’s growth has been restrained by sluggish capital spending. Exports will lead a gradual pick up in growth in 2015-16.
North American growth will pick up, lead by the U.S. residential market
13
0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0%
United States
Canada
Mexico
North America
World
North American Construction Spending(Percent change from a year earlier)
2017
2016
2015
© 2015 IHS
• Employment growth has re-established household formation while the overhang of foreclosed properties has been absorbed. Financing for builders remains an issue, but the demand is there as reflected by rising home prices.
• Canada has actively slowed its housing market to avoid a potential bubble. A flat economy and weak demographics complete the picture.
• Large Mexican homebuilders overextended themselves with land purchases and lack credit to take on major new developments. Smaller builders have picked up the slack.
Housing will have a sustained recovery, particularly in multi-family construction
14
5.2%
1.3%
1.5%
4.0%
3.3%
United States
Canada
Mexico
North America
World
Residential Construction Spending CAGR 2014-19
© 2015 IHS
• U.S. employment has surpassed its pre-recession peak, suggesting that vacant space has been put back into use. The new construction share of investment is increasing.
• Industrial construction will slow with weak energy prices. Hotel construction is strong, but retail is languishing. Growth in office and commercial is front-loaded.
• Institutional spending will be handicapped by U.S. budget concerns. Health care spending is set to improve, but composition will evolve from hospitals to other care centers. Education construction will remain weak due to poor household formation.
North American non-residential markets will follow housing into strong recovery
15
3.5%
1.6%
3.8%
3.5%
0.0% 1.0% 2.0% 3.0% 4.0%
Institutional
Commerical
Office
Industrial
NonResidential Construction Spending CAGR 2014-19
© 2015 IHS
• U.S. fiscal situation remains mired with lack of compromise in Washington. State and local revenues are improving but cannot offset federal slack. Projects across the nation (estimated at over $1.5 billion) have been pulled from bid, delayed, or cancelled as a result of the uncertainty involved with these short-term Highway Bill extensions.
• New residential and commercial construction will contribute some demand for water/sewer installations and modest street construction.
• Mexico’s administration has improved its infrastructure spending and opening investment in its energy sector will create opportunities not only in energy projects, but also in the broader infrastructure that is supported by national energy revenues.
North American infrastructure does not fare as well
16
-0.5%
2.2%
4.8%
1.0%
4.1%
United States
Canada
Mexico
North America
World
Infrastructure Construction Spending CAGR 2014-19
© 2015 IHS 17
South America: Deteriorating investment climates
• The regional economy has stalled and will see limited growth in 2016.
• Falling commodity prices are hurting export income.
• Brazil is back in recession, with industrial production in a sharp decline and both unemployment and inflation rising.
• In Argentina, high inflation, fragile public finances, foreign-exchange controls, and import barriers are obstacles to growth.
• Venezuela faces a long and deep recession with falling oil revenues, product shortages, hyperinflation, and rising debt-servicing costs.
• Resource development will support growth in Colombia and Peru.
• The region’s long-term challenges include inadequate infrastructure, restrictive business environments, and income inequality.
© 2015 IHS 18
Brazil Argentina Colombia Venezuela Chile Peru-6
-4
-2
0
2
4
6
2013 2014 2015 2016 2017-21
An
nu
al
pe
rce
nt
ch
an
ge
Real GDP growth in South America
Real GDP
Source: IHS © 2015 IHS
© 2015 IHS 19
Venezuela
Bolivia
Argentina
Brazil
Uruguay
Panama
Chile
Mexico
Peru
Colombia
Canada
United States
0 25 50 75 100 125 150 175
Ease of doing business varies across the Americas
2015 rank out of 189 countries
Source: World Bank Group
© 2015 IHS 20
South America’s growth held back by Venezuela and Brazil
• South America’s investment climate is varied.
• Growth in the region is slowing as with Venezuela and Argentina mired in recession and Brazil on the edge of recession.
• Inflation and poor public policy suggests that even when Brazil emerges from recession, the recovery will be weak. Misconduct at Petrobas has added to the anemia.
• The long term challenges include inadequate infrastructure, restrictive business environments and income inequality.
3.1%
-1.0%
2.4%
4.2%
2.3%
0.3%
3.4%
1.6%
3.7%
Rest of Region*
Venezuela
Chile
Colombia
Argentina
Brazil
Panama
Latin America
World
CAGR 2014-19
* Rest of Region includes Bolivia, Costa Rica, Honduras, Panama, and Uruguay
© 2015 IHS
Latin America: Structural Comparison
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
Total Residential Buildings Infrastructure
2015
2016
2017
Latin America: Construction spending (real, % change y/y)
Source: IHS
Institutional
Commercial
Office
Industrial
2.6%
1.8%
3.0%
1.0%
Nonresidential structures (CAGR 2014-19)
© 2015 IHS
South and Central America: Risk
22
10 20 30 40 50 60 70 80-2
-1
0
1
2
3
4
5
Global Median
Brazil
Colombia
Argentina
Venezuela
Chile
Peru
Ecuador
Panama
Uruguay
Costa Rica
Bolivia
Honduras
Latin America - total constructionBubble size: total construction spending, 2015, billions of 2010 US$
5 Year construction risk
Sp
end
ing
Gro
wth
, Rea
l 201
0 U
S$,
CA
GR
201
4-19
(%
)
© 2015 IHS 23
Western Europe’s economic growth is strengthening
• The Eurozone economy is slowly gaining momentum, led by an acceleration in consumer spending.
• Investment will strengthen as 2015 progresses, helped by rising business confidence, export growth, and easing credit conditions.
• The European Central Bank is expected to continue its quantitative easing through September 2016.
• The United Kingdom, Ireland, Sweden, Germany, and Spain will see healthy economic growth.
• In its third bailout agreement, Greece will receive new lending of EUR86 billion. While the near-term risk of a Eurozone exit has diminished, the five-year probability remains close to 50%.
© 2015 IHS 24
Germany United Kingdom
France Italy Spain-2
-1
0
1
2
3
4
2013 2014 2015 2016 2017-21
An
nu
al
pe
rce
nt
ch
an
ge
Real GDP growth in Western Europe
Real GDP
Source: IHS © 2015 IHS
© 2015 IHS 25
Western Europe has begun to recover and will gain momentum
• Western Europe’s slow recovery will gain traction with favorable exchange rates and resolution of the Greek ‘crisis’.
• Spain and Ireland have seen dramatic turnarounds, and German and Nordic manufacturing sectors are performing well. Italy and Portugal remain concerns.
• Growth strengthens as fiscal conditions improve, credit conditions ease, pent-up demand is released, and exports accelerate.
2.1%
0.5%
2.7%
3.0%
1.5%
3.9%
2.4%
3.7%
Rest of Region*
Italy
Spain
Germany
France
United Kingdom
Western Europe
World
CAGR 2014-19
© 2015 IHS 26
Western Europe: Structure type segmentation
2.1%
0.2%
3.1%
2.6%
1.9%
4.7%
2.5%
3.3%
Rest of Region*
Italy
Spain
Germany
France
United Kingdom
Western Europe
World
Residential Construction Spending CAGR 2014-19
1.9%
0.8%
2.5%
3.7%
1.2%
3.6%
2.4%
3.7%
Rest of Region*
Italy
Spain
Germany
France
United Kingdom
Western Europe
World
NonResidential Structures Construction Spending CAGR 2014-19
© 2015 IHS 27
Western Europe losing uniformity in growth versus risk profile
5 10 15 20 25 30-0.5
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
Global Median
Germany
United Kingdom
France
Italy
Spain
Netherlands
Belgium
Turkey
Norway
SwitzerlandAustria
Sweden
Finland
Denmark
Ireland
Portugal
Greece
Western Europe - Total ConstructionBubble Size: Total Construction Spending, 2014, Billions of 2010 US$
5 Year Construction Risk
Sp
end
ing
Gro
wth
, Rea
l 201
0 U
S$,
CA
GR
201
4-19
(%
)
Western Europe - total constructionBubble size: total construction spending, 2015, billions of 2010 US$
5 Year Construction Risk
© 2015 IHS
Eastern Europe: Overview
• Real total construction spending in Eastern Europe declined 2.0% in 2014. Residential construction increased 2.5% while nonresidential construction declined by 3.3%. Total construction spending is expected to post a 3.9% loss in 2015, followed by a decline of 0.4% in 2016.
• The Russian economy is faltering amid slack investment activity, falling oil prices, high interest rates, strong consumer price inflation, and virtual isolation from external financing in Western capital markets.
• Domestic demand will continue to boost Polish GDP in 2015, thanks to an improving labor market, record-low interest rates, and disinflation.
• The combination of deep political crisis within Ukraine and tense relations with its key trading partner and energy supplier, Russia, is taking a heavy toll on industrial output and exports, private and government consumption, and fixed investments.
© 2015 IHS
Investment is rising thanks to EU funds, looser fiscal policy
Bulgaria Czech Republic
Hungary Poland Romania Slovakia Turkey-10.0
-5.0
0.0
5.0
10.0
15.0Gross fixed investment growth
2013 2014 2015 2016 2017-2020
Per
cen
t
© 2015 IHS
Outside Turkey most countries are facing population declines, but rising urbanization should trigger growth in housing demand
50.0
55.0
60.0
65.0
70.0
75.0
80.0
85.0Urbanization rate (%)
Turkey Bulgaria Hungary
Czech Republic Poland Slovakia
Romania
-1.0
-0.5
0.0
0.5
1.0
1.5
Total population, compound annual growth rate (%)
2000-05 2005-10 2010-15 2015-20
© 2015 IHS
Eastern Europe: Residential construction outlook
Bulgaria
Romania
Russia
Hungary
Ukraine
Czech Republic
Poland
Slovakia
Eastern Europe
World
1.6%
3.9%
-0.5%
3.5%
-6.5%
3.7%
2.3%
2.1%
0.9%
3.3%
Residential Construction Spending CAGR 2014-19
© 2015 IHS
Eastern Europe: Non-res structural construction outlook
Bulgaria
Romania
Russia
Hungary
Ukraine
Czech Republic
Poland
Slovakia
Eastern Europe
World
3.9%
2.1%
-2.3%
3.7%
-6.3%
1.6%
3.1%
2.3%
0.2%
3.7%
Nonresidential Structure Construction CAGR 2014-19
Institutional
Commercial
Office
Industrial
-0.9%
-0.3%
1.1%
0.6%
CAGR 2014-19
© 2015 IHS
Eastern Europe: Infrastructure construction outlook
Bulgaria
Romania
Russia
Hungary
Ukraine
Czech Republic
Poland
Slovakia
Eastern Europe
World
4.8%
3.3%
-0.6%
2.9%
-1.3%
2.2%
2.8%
4.1%
1.2%
4.1%
Infrastructure Construction CAGR 2014-19
© 2015 IHS 34
Eastern Europe: Risk
10 20 30 40 50 60 70-4
-3
-2
-1
0
1
2
3
4
5
Russia
Poland
Czech Republic
Romania
Slovakia
Hungary
Ukraine
Bulgaria
Eastern Europe - total constructionBubble size: total construction spending, 2015 billions of 2010 US$
5 Year Construction Risk
Sp
end
ing
Gro
wth
, Rea
l 201
0 U
S$,
CA
GR
201
4-19
(%
)
© 2015 IHS 35
Asia-Pacific will lead all regions in growth
• The Asia-Pacific region is a beneficiary of the decline in oil prices. China, Japan, India, and South Korea are major net importers of oil.
• Weakness in prices of minerals and other commodities will, however, adversely affect Indonesia, Australia, and Malaysia.
• China’s fixed investment is decelerating as the economy rebalances, slowing overall economic growth.
• India’s economic growth is reviving and foreign investment is returning.
• Indonesia’s growth is stabilizing near 5%; capital inflows are critical to financing the country’s significant infrastructure needs.
• The region’s outlook for consumer spending is bright, thanks to robust income growth and deepening financial markets.
© 2015 IHS 36
IndiaCambodiaIndonesia
PhilippinesChina
VietnamJapan
ThailandTaiwan
MalaysiaSouth Korea
Hong KongSingapore
0 20 40 60 80 100 120 140 160
Ease of doing business varies widely across Asia
2015 rank out of 189 countries
Source: World Bank Group
© 2015 IHS 37
China India Australia South Korea Indonesia Taiwan0
2
4
6
8
10
2013 2014 2015 2016 2017-21
An
nu
al
pe
rce
nt
ch
an
ge
Real GDP growth in Asia-Pacific
Real GDP
Source: IHS © 2015 IHS
© 2015 IHS 38
1978 1983 1988 1993 1998 2003 2008 2013 2018 2023 20280
5
10
15
20
25
Real GDP Industrial production
Pe
rce
nt
ch
an
ge
China’s economic growth will downshift in the long run
Real GDP and industrial production
Source: IHS © 2015 IHS
© 2015 IHS
China’s visible hand: infrastructure continues to make gains over real estate
15
17
19
21
23
25
27
2006 2008 2010 2012 2014
Real estate Infrastructure
Share of completed Chinese fixed-asset investment
Source: IHS
Per
cen
t
Notes: 12-month moving average
-20
-10
0
10
20
30
40
50
60
70
2007 2009 2011 2013 2015
Total Real estate Infrastructure
Fixed-asset investment growth in key areas
Source: IHS
Per
cen
t ch
ang
e ye
ar a
go
Notes: Non-cumulative
© 2015 IHS
China’s residential sales see growth in June 2015, but construction remains moribund
-40
-20
0
20
40
60
80
2009 2010 2011 2012 2013 2014 2015
Completions Under construction Starts Sold
Residential floor space indicators
Source: NBSNotes: Floor space under construction is for all floor space; residential counts for about 90%.
Per
cen
t ch
ang
e ye
ar a
go
-60
-40
-20
0
20
40
60
80
100
120
140
2008 2009 2010 2011 2012 2013 2014 2015
Land area under developmentLand area purchasedClosing price of land
Land development indicators
Source: NBS
Per
cen
t ch
ang
e ye
ar a
go
© 2015 IHS 41
India is outpacing China in economic growth
• Real GDP expanded 7.5% y/y in the January–March quarter, led by gains in private consumption and fixed investment. Exports, imports, and public consumption posted declines.
• Industrial output growth remains uneven and volatile.
• Consumer price inflation rose to an eight-month high of 5.4% y/y in June, led by rising food prices.
• With price pressures returning, the Reserve Bank of India is likely to keep monetary policy on hold in the remainder of 2015.
• Automotive, construction, and infrastructure sectors will lead growth.
• Policy reforms will slowly move forward. Much remains to be done to open markets, upgrade infrastructure, and raise productivity.
© 2015 IHS
Asia Pacific: Construction Overview
• Real total construction spending in Asia Pacific increased 5.7% in 2014. Residential construction increased 4.3% while nonresidential construction increased by 6.4%. Total construction spending is expected to post a 4.5% gain in 2015, followed by a gain of 4.8% in 2016.
• Japanese housing starts are likely to remain weak over the near term, even though they have bottomed out following a drop-off of front-loaded demand as a result of the consumption tax increase in April 2014.
• In India the announcements of new investment intentions witnessed a remarkable surge of 80% over the previous year, spurred by positive post-election sentiment and the government’s ongoing efforts to improve the business environment and cut red tape.
• While policymakers are working to rein in investor activity in the Australian housing market, residential construction keeps speeding up, mitigating the fall in infrastructure and structures.
© 2015 IHS
Asia Pacific: Construction spending by segment
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
Total
Residential
Buildings
Infrastructure
2015
2016
2017
Asia Pacific: construction spending (real % change y/y)
© 2015 IHS 44
Asia-Pacific: Residential outlook
3.5%
2.6%
2.3%
6.7%
0.7%
4.0%
3.8%
3.3%
Rest of Region*
Australia
South Korea
India
Japan
China
Asia-Pacific
World
Residential Construction Spending CAGR 2014-19
© 2015 IHS 45
Asia-Pacific: Nonresidential structures outlook
5.3%
1.7%
2.6%
8.2%
3.8%
4.9%
5.0%
3.7%
Rest of Region*
Australia
South Korea
India
Japan
China
Asia-Pacific
World
NonResidential Structures Construction Spending CAGR 2014-19
© 2015 IHS 46
Asia-Pacific: Infrastructure outlook
5.1%
1.1%
2.7%
11.3%
3.3%
8.1%
6.0%
4.1%
Rest of Region*
Australia
South Korea
India
Japan
China
Asia-Pacific
World
Infrastructure Construction Spending CAGR 2014-19
© 2015 IHS
Asia Pacific: Opportunity vs. risk
Global Median
ChinaJapan
India
Indonesia
Australia
Korea
Taiwan
Malaysia
Thailand
New Zealand
PhilippinesSingapore
Bangladesh
Hong Kong
Vietnam
Sri Lanka
Pakistan
0
1
2
3
4
5
6
7
8
9
10
0 5 10 15 20 25 30 35 40 45
Asia Pacific - total constructionBubble size: total construction spending, 2015 billions of 2010 US$
5 Year Construction Risk
Sp
end
ing
Gro
wth
, Rea
l 20
10 U
S$,
CA
GR
201
4-1
9 (%
)
© 2015 IHS 48
The Middle East and North Africa
• The drop in oil prices, regional political instability, and war with the Islamic State are restraining economic growth.
• Lower oil prices are hurting Iran, Kuwait, Iran, Saudi Arabia, the United Arab Emirates (UAE), and Libya, but helping Jordan, Lebanon, Morocco, and Tunisia.
• Whereas Saudi Arabia, Kuwait, and the UAE have strong reserves, the finances of Iran, Libya, and Algeria are strained.
• The nuclear agreement and likely lifting of sanctions in 2016 will lead to an upward revision in the forecast of Iran’s economic growth.
• Egypt’s economy is recovering, but political and security risks remain.
• Addressing job growth, economic diversification, and competitiveness will be critical to regional stability in the long run.
© 2015 IHS 49
Sub-Saharan Africa will sustain rapid growth
• Falling commodity export revenues are restraining growth in 2015.
• Lower oil prices are helping South Africa and Zambia, but hurting Nigeria, Angola, and Mozambique.
• Expanding domestic markets, income gains, and regional integration will support long-term economic growth.
• Macroeconomic management is improving substantially, poverty is declining, and foreign direct investment is rising.
• Poor infrastructure (especially power generation), political instability, and corruption remain obstacles to economic development.
• With large fiscal and current-account deficits and a challenging business environment, South Africa is vulnerable to capital flight.
© 2015 IHS
Middle East and Africa: Construction outlookHealthy growth in all segments
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
Total
Residential
Buildings
Infrastructure
2015
2016
2017
Middle East and Africa: construction spending (real % change y/y)
0% 1% 2% 3% 4% 5% 6% 7%
Rest of Region*
Israel
Iran
United Arab Emirates
South Africa
Saudi Arabia
Middle East and Africa
World
2015
2016
2017
Middle East & Africa: Construction Spending (real, percent change y/y)
Source: IHS © 2014 IHS
Energy
Transportation
Public Health
4%
6%
6%
Infrastructure segments, CAGR 2014-19
* Rest of Region includes Egypt, Kenya, Senegal, Tunisia, Bahrain, Jordan, Kuwait, Oman, and Qatar
© 2015 IHS 51
Middle Eastern construction markets have edged up in risk, but down in growth
10 20 30 40 50 60 700
1
2
3
4
5
6
7
8
9
10
Global Median
Saudi Arabia
United Arab Emirates
Iran
South Africa
Qatar
Israel
Egypt
Morocco
Oman
Kuwait
Nigeria
Tunisia
Bahrain
JordanKenya
Cameroon
Senegal
Middle East and Africa - total constructionBubble size: total construction spending, 2015 billions of 2010 US$
5 Year Construction Risk
Sp
end
ing
Gro
wth
, Rea
l 201
0 U
S$,
CA
GR
201
4-19
(%
)
IHSTM
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