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 multi-family housing construction projects initiated globally in Q2 2024, according to GlobalData’s construction projects database.
1. Asman Smart City
The project involves the construction of the Asman Smart City on 4,015ha of land in the Issyk-Kul region, Kyrgyzstan.
Construction work started in Q2 2024 and is expected to be completed in Q4 2034.
The project aims to promote the development of tourism in the country, and during the construction advanced digital telecommunication technologies will be used in this eco-city. Buy the profile here.
2. Belmont Park Racecourse Redevelopment
The project involves the construction of mixed-use facilities over 38ha of land in Perth, Western Australia, Australia.
Construction work commenced in Q2 2024 and is expected to finish in Q2 2033.
The site is located within the Town of Victoria Park and is bounded by the Swan River on its northern, eastern, and western boundaries and the Graham Farmer Freeway on its southern boundary. It is adjacent to the internationally branded Crown Metropol and Casino and directly across from the planned second-largest football stadium in Australia.
3. River Mile Redevelopment
The project involves the redevelopment of the Elitch Gardens Theme and Water Park into a mixed-use community on 25ha of land in Denver, Colorado, the US.
Construction work started in Q2 2024 and is forecast to complete in Q4 2029.
The project aims to redevelop Elitch Gardens Theme and Water Park and provide better entertainment and residential facilities in the region.
4. Seaflower at Lake Flores Mixed-Use Community
The Lake Flores project involves the construction of a mixed-use community on 476ha of land in Bradenton, Manatee County, Florida, the US.
Construction work commenced in Q2 2024 and is expected to be completed in Q4 2027.
The development is expected to transform West Bradenton from empty fields to a bustling community over the next 20 years
5. Riverfront Entertainment District Mixed-Use Complex
The project involves the construction of a 222,967m2 mixed-use community on 15.7ha of land in New Orleans, Louisiana.
Construction work started in Q2 2024 and is expected to be completed in Q1 2025.
The project aims to enhance residential and commercial facilities to meet the growing demand in the region.
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.
