Albany, NY -- (SBWire) -- 01/31/2017 --Timetric's latest study covering the commercial construction industry in China has been recently added to the vast database of Market Research Hub (MRH). This study is entitled as 'Commercial Construction in China Market Forecast' which delivers comprehensive historic and forecast market value data, with a breakdown of the data by construction movement in China. It includes new construction, renovation and destruction as well as repair & maintenance for the period of 2011 to 2020.
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In the recent years, developments in technology and building materials have transformed the designs of the construction sector in China. Nowadays, Chinese companies are developing building designs that are more sustainable, create little waste and are energy efficient. It is well known that most of the buildings, apart from being residential houses also include privately owned shops, office buildings, shopping malls, parks, museums, government buildings & others. These places differ so greatly in how they are constructed and what they consist of that commercial construction companies have to keep a large variety of specialists to complete the various tasks required.
To complete a variety of construction tasks, there are three main types of contractors in China, namely, general contractors, professional contractors and work subcontractors. All of these contractors in China are involved in different industries of projects such as building construction, civil engineering, power & water projects and industrial projects. By the government investments in these construction buildings, the study analyzed that the value of China's construction industry is set to rise significantly. According to the National Bureau of Statistics (NBS), in 2015, the construction industry's value grew by 3.7%, from CNY4.5 trillion (US$732.5 billion) to CNY4.7 trillion (US$739.8 billion).
Furthermore, the report states that during the forecast period of 2016 to 2020, Chinese construction industry is expected to grow more slowly than in previous years. This is primarily due to the poor economic growth. But, expected expansion in the industry over the forecast period will be driven by investment in public infrastructure & renewable energy; and improvement in consumer and investor confidence. Also, moderating property sales growth and high level of developed but unsold properties in lower-tier cities will also influence the Chinese construction sector.
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For the readers, this report allows planning future business decisions by using the forecast figures which is given for the market.
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Chinese Commercial Construction Industry Expected to Face a Slow-Moving Growth Until 2020, Due to Economic Slowdown
In real terms, the Chinese construction industry’s output contracted by 0.8% in 2015, following an average annual growth of 8.9% during the preceding four years. Weak economic conditions, low global commodity prices, poor fixed-capital investments, high debt-to-GDP ratios and low investment in real estate contributed to this decline.