Construction boom, one could strongly argue, has no more remained a western pie only. Gone are the days when the rest of the world used to gaze at USA or Europe with awe and possibly drooling lips. Few others too began emerging in the scene, with vigour, in the course of time. Of course, one can’t deny the fact that the US, EU etc. are already highly developed regions which are arguably past their prime times when it comes to construction. These regions, in spite of all the current healthy construction activities, are not expected to revisit the kind of boom they used to see in their youth.
With this construction boom gaining more and more vigour in certain parts of the world, most of rest of the world are bound to turn their heads into those newly emerging focal points sooner or later. In fact, some have already arrived at the scene. Now, when we talk of “those emerging focal points”, the Dragon tops the chart. Way ahead of the rest. Let’s see how.
Recent reports put China’s GDP ($5.9 trillion) at nearly 10% of World’s GDP ($63 trillion) and it’s population at nearly 20% of world’s population. Well, that may not be highly impressive. What is bit more interesting is the fact that it already is the 2nd largest economy in the world and also the fastest growing one. Still not impressed ? Have a look at the following few details.
Consumption of steel, cement and energy are some of the most important indicators of construction boom or industrial development.
China’s steel consuption for the year 2012 is estimated at a staggering 0.7 billion MT, nearly half of the entire world’s estimated consumption for the same year. Note that the world hosts about 200 countries including the likes of the US and some EU countries.
The country’s cement consuption for the year 2012 is estimated at over 2 billion MT, little more than half of the entire world’s estimated consumption for the same year. In 2010, China reportedly consumed 1.85 billion MT as compared to a global consumption of 3.3 billion MT. India secured the 2nd position in that year with a figure of 0.21 billion MT. Note the difference between the 1st and the 2nd. Let’s not bring in others for now. Also, it’s cement production capacity for 2012 is estimated at nearly 55% of estimated global production capacity.
Consuming nearly 10 million barrels of oil products per day it is second only to USA. More importantly, the country already is world’s largest energy consumer which is a very important indicator of construction related developments among others. All these are some salient tell-tale signs of what is happening in the place.
So, one really wonders whether Shanghai is already in the economic fast-lane of taking on, or may be surpassing, the New Yorks, Tokyos or Londons of the world in the decades to come!