Navigant Research forecasts global building stock growth to 2028
A new report by Navigant Research estimates the total global building stock will grow from 165.8 billion m2 in 2019 to 184.7 billion m2 in 2028, with the highest rates of growth to occur in developing regions, including Asia-Pacific (APAC), Latin America, the Middle East and Africa.
During the next decade, Africa is expected to top global figures with a compound annual growth rate (CAGR) of 3.4%. In addition to data on the global building stock’s size and growth, the report—prepared by the research arm of Navigant Consulting—includes qualitative descriptions of key drivers and trends and examines how they relate to occupant well-being, climate change, energy use and poverty.
By way of example, the report finds commercial, residential and industrial buildings are responsible for nearly half of all global energy consumption and greenhouse gas (GHG) emissions. As such, Navigant explains quantifying the size of the global building stock can be fundamental for understanding such issues such as climate change and the impact of urbanization on existing local infrastructure. Meanwhile, people spend almost 90% of their time indoors, making the built environment a critical component of health, well-being, productivity and safety.
“In recent years, construction markets have recovered slowly, along with the overall global economic outlook, which can be a positive for building stock growth,” says Johnathon de Villier, research analyst with Navigant. “Other factors, however—such as shifts in the political landscape, extreme weather events and social tumult—add uncertainty to the construction markets, which can hinder development.”
An executive summary of the report is available for free download on Navigant’s website.