The report, Global Construction 2020, showed that buildingoutput worldwide should grow to $12.7 trillion in 10 years' time,measured in 2008 prices, compared with $7.5 trillion now. Developedcountries are expected to lag emerging markets, with zero growth in2010 but growth accelerating by 4.4% in 2011. Construction marketsin US, UK, Canada and Australia will rebound quicker butconstruction in major emerging markets such as India and China willsee much higher levels of growth than developed countries through2020. While the latter will overtake US as the largest constructionmarket by 2018, growth in India will accelerate even faster.

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"We expect growth in construction output in emerging marketswill be more than three times that of developed countries over thenext decade," said the report, sponsored by the construction groupsCemex, Holcim, Lafarge, and Orascom Construction Industries.

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In Europe, growth in eastern Europe will outstrip westernEuropean countries, averaging over 100% in the next decade, led byRussia and Poland, the report said.

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"We expect rapid growth in construction in Russia over the nextdecade, resulting in a market worth $335 billion per annum by2020," it said.

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Russia has the fifth-highest growth of all the countries in theforecast, only slightly behind Nigeria, India, China and Vietnam.Aside from this nation, by far the biggest market in eastern Europeis Poland which the report expects to be one of the 10fastest-growing construction markets through 2020.

AllanSaundersonis a managing editor of Property FinanceEurope and a contributor to GlobeSt.com.

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