The global construction market is forecasted by GlobalData to grow by 1.8% in real terms in 2024, having grown by 1.7% in 2023. While the residential construction market in many countries will decline, this will be offset by high growth in the infrastructure sector, with output rising by 8.3% in real terms. GlobalData tracks and profiles all major construction projects from announcement to completion. For further insight on this market, buy the latest profiles here.
Driving growth in the market in 2022 and over the remainder of the decade are a potential 135 mega hydroelectric projects, costing over $100m each. Here are the largest commercial and leisure construction projects initiated globally in Q4 2024, according to GlobalData’s construction projects database.
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1. Maidstone Tram Maintenance and Stabling Facility
The project involves the construction of a tram maintenance and stabling facilities to accommodate 100 new trams in Maidstone, Victoria, Australia.
Construction work started in Q4 2024 and is expected to be completed in Q3 2025.
The aim of the project is to make Maidstone the home of the new trams as existing depots reach capacity and to reduce the need for new tracks and other infrastructure. It will create 280 jobs during construction. Buy the profile here.
2. Mosaic Quarter Sports And Recreational Complex
The project involves the construction of a 92,903m2 Mosaic Quarter sports and recreational complex on 36ha of land in Tucson, Arizona, the US.
Construction work commenced in Q4 2024 and is expected to finish in Q4 2031.
3. Plainfield Business Center
The project involves the construction of a 743,224m2 Speculative Warehouse on 174ha of land in Plainfield, Illinois, the US.
Construction work started in Q4 2024 and is forecast to complete in Q1 2027.
4. Nayapul to Muktinath Cable Car
The project involves the construction of an 84.32km cable car ropeway from Nayapul to Muktinath of Mustang district in Gandaki province, Nepal.
Construction work commenced in Q4 2024 and is expected to be completed in Q3 2026.
The project aims to reduce congestion on the road and carbon emissions and ensure easy access to the hilltop temple through the installation of a ropeway.
5. San Jacinto Marketplace Mixed-Use Development
The project involves the construction of a mixed-use complex on 42.4ha of land at the intersection of I-10 and Garth Road in Baytown, Texas, the US.
Construction work started in Q4 2024 and is expected to be completed in Q4 2028.
For more details on the latest construction projects, buy the profiles here.
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GlobalData’s Construction Projects database tracks over 220,000 new construction projects valued at >$25m from announcement to completion across all countries and sectors.
