A report from Cleveland-based market research firm, The Freedonia Group, has projected that global construction of new housing units will skyrocket to 61.3 million by 2018 despite expectations that the global population will decelerate. The report suggests that rural to urban population migration will spur on the demand for new housing units, namely in the Asia-Pacific and African/Middle East regions. It projects that construction of multifamily housing units will outpace that of single-family housing units.
The report also suggests that countries that suffered from residential construction decline from 2008 to 2013 will bounce back with new housing unit construction through 2018. The report indicates that North America is forecast to post nearly eight percent annual growth in new housing units.
If the report's analysis is accurate, then the construction industry will benefit significantly from a recovering and healthy market demand. The full report - World Housing - from The Freedonia Group can be found on their website.