Construction Today, Vol 20 Iss- 3 Final Book | Page 14

WThe world has an insatiable appetite for large capital projects , driven by population growth and a global trend towards urbanization . The annual spend on construction is expected to grow by $ 4.5 trillion to reach $ 15.2 trillion by 2030 . Governments , investors and corporations have responded to this demand by funding large investments in infrastructure and housing supply . Other industries such as oil and gas are making strategic investments in environmental , social and governance projects to reduce carbon emissions and produce cleaner energy .

Despite the levels of investment , capital projects continue to cause major headaches for all participants . The data points to some alarming evidence : average net margin is a mere 2.7 percent for construction industry firms ; 66 percent of projects are unsuccessful in terms of budget and quality objective .
Moreover , the cost of construction materials is soaring worldwide . For example , in the UK ,

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