Their analysts state that the total global construction pipeline ascended to a record high of 14,051 projects / 2,327,923 rooms, a nine percent increase in projects and an eight percent increase in rooms year-over-year (YOY). The report summarises development in 176 countries worldwide.
With the exception of Latin America, all regions of the globe either continued to set record high pipeline counts or have already settled into topping-out formations amidst concerns of a worldwide economic slowdown.
The fallout after the on-going trade dispute between the US and China continues to be the leading contributor.
Although, low-interest rates and accommodative lending terms are the primary catalysts behind pipeline growth as the global pipeline should continue to grow for the foreseeable future, albeit at a much slower pace.
There is a record high 6,565 projects currently under construction worldwide having 1,192,398 rooms. Projects scheduled to start construction in the next 12 months; peaking at an all-time high for both projects and rooms, stands at 4,392 projects / 636,080 rooms.
Projects in the early planning stage continue to grow, with a six percent increase in projects and 10 percent increase in rooms, YOY, standing at 3,094 and 499,445 respectively.
The top countries by project count are the US with 5,653 projects / 693,207 rooms, just 230 projects shy of its all-time high of 5,883 projects set in the second quarter of 2008, and China with a current pipeline of 2,991 projects / 592,884 rooms, which is a new high.
The US. accounts for 40 percent of projects in the total global construction pipeline while China has 21 percent, resulting in 61 percent of all global projects being concentrated in just these two countries.
Distantly following are Indonesia with 378 projects / 63,196 rooms, Germany with 320 projects / 57,689 rooms, and the UK with 280 projects / 40,970 rooms.