07 Mar Middle East and Africa had fastest Construction activity growth in Q4 2022
Construction activity grew the fastest in Q4 2022 in the Middle East and Africa.
This is according to the Royal Institution of Chartered Surveyors’ (RICS) Global Construction Monitor survey, as reported in Construction Week, the Middle East’s top construction news website.
Based on the construction activity index (CAI) reading, the Middle East and Africa (MEA) region returned the strongest levels relative to the rest of the world in Q4 2022, with Saudi Arabia and Nigeria displaying the strongest CAI reading relative to other countries covered.
The coming year is also perceived to be more positive across the MEA, with workloads expected to gain momentum in all segments of the market. Additionally, infrastructure is seen as the strongest sector and likely the most robust in the region for 2023.
Interestingly, both private and non-private residential workloads are also expected to grow healthily in the year ahead.
Despite key challenges such as the cost of materials and financial constraints in the region, forward-looking feedback remains positive.
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