A new report by Research and Markets finds that spending on leisure and hospitality construction has improved significantly since 2012, rising to $181 billion globally in 2016 and forecast to reach $232 billion by 2021. The increased spending of 5.2 percent per year in nominal terms is supported by growing tourism, particularly in Asia-Pacific, the Middle East, and Africa. Within these areas, China, Thailand, Malaysia, Indonesia, United Arab Emirates, and Qatar are all expected to grow at above 7 percent per year, with huge developments planned or in progress, according to the report.
The report finds that the largest markets by construction output value are the United States, China, and the United Kingdom with spending of $56 billion, $39 billion, and $10 billion, respectively. The largest region by project pipeline for mixed-use leisure and hospitality projects is the Middle East and Africa, which is dominated by the United Arab Emirates, ahead of Asia-Pacific. For pure leisure and hospitality projects, the largest region is Asia-Pacific and largest single country by project pipeline value is the United States.
Based on all projects in development and execution commencing on schedule, the total pipeline is predicted to peak at $452 billion in 2019. The leading global contractors are China State Construction, ACS, and Arabtec and the leading architects and designers are Gensler, HKS, Arcadis, and Woods Bagot.