Today, more than half of the world lives in an urban area and by 2050, this number is expected to increase to some two-thirds of the world’s population.i This presents companies in the construction industry with significant opportunities for growth.
GlobalData tracks large-scale construction projects in all sectors and has compiled listing 50 “Construction Mega Cities” for 2019, each having a pipeline of projects with an investment value above $30 billion. New York ranked third on the list of Construction Mega Cities, with total project value amounting to $285 billion. Dubai and London were the only two cities that remained ahead of New York.
Other cities in the U.S. that made the list and their pipeline investment values are:
$97 billion – Chicago
$91 billion – Los Angeles
$47 billion – Houston
$44 billion – Miami
$43 billion – Atlanta
$41 billion – Washington, D.C.
$40 billion – Las Vegas
$39 billion – San Francisco
$38 billion – Boston
Population growth is one of the primary key factors that drive construction activity. According to one global real estate investment management firm, there are other factors that potential investors look for such as demographics, infrastructure, local government funding and incentives, planning and zoning, fiscal responsibility and resources, affordability, and transparency in the government process.ii
Yoars Law has years of experience with the construction industry. We focus on being proactive business and legal advisors for our clients, guiding them through the complex legal and regulatory environments in which they must operate, and being zealot advocates when needed.
i See globaldata.com article “Dubai, London and New York are 2019’s ‘Construction Mega Cities’” 12/4/2019, https://www.globaldata.com/dubai-london-and-new-york-are-2019s-construction-mega-cities/.
ii Comments made by Jones Lang LaSalle Inc. (JLL) to Construction Drive at https://www.constructiondive.com/news/new-york-chicago-among-the-worlds-2019-construction-mega-cities/568589/.