Transport infrastructure construction declined by 3.8% in 2024/25, ending a strong four-year expansion that lifted activity by 42%, from $35.4 billion in 2019/20 to an all-time high of $50.3 billion in 2023/24 (constant 2022/23 prices). Activity is expected to continue declining through 2025/26 before a recovery emerges, but construction levels are forecast to remain historically high during this period. Following two years of modest decline, activity is expected to recover, with total transport infrastructure construction rebounding to around $51 billion by 2027/28.

This report provides a concise explanation of the nature and magnitude of the impacts in the various transport construction segments – road, rail, bridges and harbours. It also provides a fully revised set of forecasts, and corresponding project list, for all segments of transport infrastructure construction looking ahead ten years.