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 institutional building construction projects initiated globally in Q4 2024, according to GlobalData’s construction projects database.
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1. Gartree High-Security Jail
The project involves the construction of a four-story high-security jail in Market Harborough, Leicestershire, the UK.
Construction work started in Q4 2024 and is expected to be completed in Q4 2029.
The project aims to aid the rehabilitation of offenders, helping make our communities safer and boost the $103 economy in the region. Buy the profile here.
2. Laredo Joint Processing Center
The project involves the construction of a Joint Processing Center in Laredo, Texas, the US.
Construction work commenced in Q4 2024 and is expected to finish in Q1 2027.
3. The Hinds County Criminal Justice Facility
The project involves the construction of a Jail comprising 662 beds on 14ha of land in Hinds County, Mississippi, the US.
Construction work started in Q4 2024 and is forecast to complete in Q4 2028.
The aim of the project is to provide better additional services in the region.
4. Krakow Aviation Training Center
The project involves the construction of an aviation training center in Krakow, Poland.
Construction work commenced in Q4 2024 and is expected to be completed in Q4 2025.
The project aims to provide training facilities to train pilots, flight attendants, and mechanics from across the continent.
5. Culdrose Royal Naval Airbase Redevelopment
The project involves the redevelopment of the Culdrose Royal Naval Air Station in Cornwall, the UK.
Construction work started in Q4 2024 and is expected to be completed in Q2 2028.
For more details on the latest construction projects, buy the profiles here.
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GlobalData, the leading provider of industry intelligence, provided the underlying research used to produce this article.
GlobalData’s Construction Projects database tracks over 220,000 new construction projects valued at >$25m from announcement to completion across all countries and sectors.
