Transport infrastructure construction is in the midst of an unprecedented upswing cycle. This upturn began in 2021, and is expected to peak in 2025/26.

Since mid-2022, however, we have seen considerable scaling-back of expected activity levels.  The large increase in construction costs have caused blow-outs in project budgets, causing stress to government finances. We have also seen the expected completion dates of numerous projects be extended, due to shortages of labour and other materials, as well as more normal factors arising from the complexity of very large projects. But we still expect a substantial upturn in activity, which is already well underway.

National transport infrastructure construction work done is expected to rise from around $31bn in 2019/20, to a peak of $48 billion in 2025/26 (in constant 2021/22 prices).

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.