The global construction market is forecasted by GlobalData to grow by 1.8% in real terms in 2023, having grown by 1.7% in 2022. While the residential construction market in many countries will decline, this will be offset by high growth in the infrastructure sector, with output rising by 8.3% in real terms. GlobalData tracks and profiles all major construction projects from announcement to completion. For further insight on this market, buy the latest profiles here.
Driving growth in the market in 2022 and over the remainder of the decade are a potential 135 mega hydroelectric projects, costing over $100m each. Here are the largest institutional building construction projects initiated globally in Q4 2023, according to GlobalData’s construction projects database.
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1. Smithfield Market Museum of London
The project involves the renovation of the Smithfield building into a 23,226m2 museum in London, the UK.
Construction work started in Q4 2023 and is expected to be completed in Q4 2026.
The site includes the empty Smithfield general market and fish market, the red house, iron mountain, and the engine house, which all sit at the Farringdon Road end of West Smithfield. Buy the profile here.
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2. Pennsylvania State Police Academy
The project involves the construction of a 34003m2 police academy on a 59ha land area in Pennsylvania, the US.
Construction work commenced in Q4 2023 and is expected to finish in Q4 2028.
The Pennsylvania State Police Academy is set to become a state-of-the-art facilities second to none in the nation, offering cadets hands-on learning opportunities, each Pennsylvanian is entitled to be a part of our communities. Buy the profile here.
3. Porschehof Provincial Service Center Building
The project involves the construction of the provincial service center building in Salzburg, Austria.
Construction work started in Q4 2023 and is forecast to complete in Q4 2026.
The project’s aim is to centralize its 19 operations center across the state at one location and to save rental and leasing amounts.
4. Lucas County Pre-Trial Detention Center
The project involves the construction of a 20,160m2, two-story pre-trial detention center in Toledo City, Lucas County, Ohio, the US.
Construction work commenced in Q4 2023 and is expected to be completed in Q4 2026.
The project aims to provide efficient, economical, and humane housing for inmates in Lucas County.
5. New Archaeological Museum
The project involves the construction of a 30,000m2 new archaeological museum on 4ha of land in Nicosia, Cyprus.
Construction work started in Q4 2023 and is expected to be completed in Q4 2028.
The aim of the project is to showcase historical collections and to provide space for cultural facilities. Buy the profile here.
For more details on the latest construction projects, buy the profiles here.
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GlobalData’s Construction Projects database tracks over 220,000 new construction projects valued at >$25m from announcement to completion across all countries and sectors.
