India has seen tremendous growth in the construction industry in the past few years, and this trend is set to continue. By 2023, India’s construction industry will be worth an estimated US$ 1 trillion dollars, making it one of the most important economic drivers for the country. But what are some of the trends that are shaping India’s construction industry? In this blog post, we’ll take a look at some of the key trends that we expect to see over the next few years. From green building materials to robotics and automation, read on to learn more about the future of Indian construction.
Economic Trends in Construction 2023
As India’s economy continues to grow, the construction industry is expected to boom. The country is expected to see an influx of foreign investment, which will spur demand for new office space, hotels, and other commercial development. In addition, the growing middle class is expected to drive demand for new residential construction. According to a report by KPMG, the Indian construction industry is projected to grow at a compound annual growth rate of 9 percent between 2016 and 2023.
Infrastructure Trends in 2023
There are several infrastructure trends that are currently shaping the construction industry in India. One of the most significant is the government’s focus on increasing infrastructure spending. This is being driven by the need to improve connectivity and efficiency in India’s vast and growing economy. In addition, the government is also looking to boost employment opportunities in the construction sector.
Another major trend that is affecting the construction industry in India is the rise of smart cities. The concept of smart cities is still in its infancy in India, but there is a growing recognition of the need for more sustainable and efficient urban development. This is leading to an increase in investment in smart city projects, which will have a significant impact on the construction sector.
Finally, another important trend that is shaping the construction industry in India is the growth of the middle class. As incomes rise and living standards improve, there is a growing demand for better quality housing and amenities. This is leading to an increase in investment in residential and commercial construction projects.