Beijing, China -- Construction expenditures in China are expected to rise 9.1 percent annually through 2014, which is a "deceleration in growth" compared to the period 2004-2009, according to Construction Outlook in China -- a study from the Beijing office of industry research specialist, the Freedonia Group Inc.
According to the study, and despite the growth deceleration, China is still the world's fastest-growing national market.
"Increases will be bolstered by a growing domestic economy, ongoing industrialisation, rebounding foreign investment funding, continuing efforts to expand and upgrade physical infrastructure, rising income levels, and further population and household growth," a recent Freedonia statement said.
Non-building construction costs are expected to increase 10 percent annually, to around RMB 12000 billion (around $1.7 trillion), largely due to government spending initiatives and state-led efforts to expand and upgrade China's transportation infrastructure.
Residential building costs, accounting for 37 percent of total construction spending in 2009, are expected to increase by around 8.4 percent annually to RMB 4255 billion, while non-residential building construction costs are expected to increase by about 9 percent to RMB 4000 billion, driven by foreign investment in China's manufacturing sector, Freedonia said.
The 233-page report is available for $5300, For more information visit: www.freedoniagroup.com (RD)