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 railway infrastructure construction projects initiated globally in Q3 2024, according to GlobalData’s construction projects database.
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1. Hangzhou Metro Line 12: Phase I
The project involves the construction of a 26km metro line in Hangzhou, Zhejiang, China.
Construction work started in Q3 2024 and is expected to be completed in Q4 2028.
The objective of the project is to build a rail system to reduce traffic congestion and travel distance. Buy the profile here.
2. Shenzhen Metro Line 19
The project involves the construction of a 33km metro railway line in Shenzhen, Guangdong.
Construction work commenced in Q3 2024 and is expected to finish in Q4 2031.
The objective of the project is to build a rail system to reduce traffic congestion and travel distance in the region. Buy the profile here.
3. Beijing Metro Line M101: Phase I
The project involves the construction of a 19km metro rail line in Beijing, China.
Construction work started in Q3 2024 and is forecast to complete in Q4 2027.
The objective of the project is to improve the traffic system and reduce travel time and distance. Buy the profile here.
4. Belo Horizonte Metro Line Expansion
The project involves the expansion and modernization work of metro lines in Belo Horizonte, Minas Gerais, Brazil.
Construction work commenced in Q3 2024 and is expected to be completed in Q4 2029.
The construction of the Belo Horizonte Metro started in the 80s by the federal government, taking the route of the old railway line, segregating in parallel lines and cargo transport. Buy the profile here.
5. Southeast High Speed Rail: Raleigh-Richmond
The project involves the construction of 306km of high-speed rail between Richmond in Virginia to Raleigh in North Carolina, the US.
Construction work started in Q3 2024 and is expected to be completed in Q4 2030.
The project aims to enhance safety, increase capacity improve reliability, and address future needs for high-speed passenger rail service. Buy the profile here.
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.
