London is at the top of a list of ‘construction mega cities’ with total project values close to $426bn, according to a new report.
Timetric’s Construction Intelligence Center (CIC) new report, entitled ‘Global Construction Mega Cities’, features a list of 50 cities, each with a total project investment above $30bn.
The project pipelines in these ‘construction mega cities’ stands at $4.8 trillion and includes 6,400 projects at various stages of development, from announced to execution, according to the report.
London, at the top of the list, is followed by Dubai and Abu Dhabi, with a total project value of $367bn and $275bn respectively. The Asia-Pacific region dominates the list of ‘construction mega cities’, accounting for 25 of the 50 cities, and having a combined projects pipeline valued at $1.8 trillion.
There are three cities in Australia with a combined value of $342bn in mega projects that have been announced or are at more advanced stages of development. A total of eight cities in the ASEAN (Association of Southeast Asian Nations) member states, including Singapore, have a combined projects pipeline of $568bn.
There are seven cities in China in the top 50, and these have a combined projects pipeline of $475bn, ahead of India (four cities with a value of $221bn).
In addition to Abu Dhabi and Dubai, there are a further six cities located in the Middle East and Africa, the region has a combined projects pipeline value standing at just under $1.3 trillion, in the list.
In Europe, five cities are included, with a combined projects pipeline valued at $890bn — a relatively low count that reflects the relatively depressed state of construction activity in the region.
North America has a total of 11 cities, nine in the US and two in Canada, in the top 50 of ‘construction mega cities’, with a combined projects pipeline value of $736bn. There are just two in Latin America, Rio de Janeiro and Sao Paulo in Brazil ($124bn).
CIC’s lead economist Danny Richards said: “The increasing economic power of cities worldwide is becoming an unstoppable trend, as growth in incomes and opportunities continues to attract more and more people to urban centers. In order to cater for the expansion in urban populations, huge investment is required in new residential and commercial buildings as well as utilities and transport networks and other physical infrastructure.