Chinese contractors top global ranking

01 February 2024
Infrastructure investment in China has helped contractors mitigate a slowdown in the real estate sector

A surge in infrastructure spending in China allowed Chinese contractors to retain the top positions in the Global 500 Contractors list in 2023 despite the troubled state of China’s real estate sector, according to a report by GlobalData.

China Railway Construction Corporation, China Railway Engineering Corporation, China State Construction Engineering Corporation, China Communications Construction Group, and Power Construction Corporation of China, remain unchanged in the top five places, respectively, in the 2023 rankings.

The total number of Chinese contractors in the top 500 list has also picked up, rising to 58 in 2023, up from 51 in 2022, while the number of US-headquartered contractors has dropped to 78 from 86. Chinese-headquartered contractors, however, continue to account for the largest share of the total executed contract values.

The total values of contracts for the Global 500 Contractors in 2023 edged down to $1.24 trillion from $1.28 trillion in 2022, according to a report by GlobalData.

The drop in value came as the global construction industry faced a challenging environment in 2023, with key markets suffering a sharp slowdown. Overall, the global construction industry grew by 3.4% in 2023. The performances in major advanced economies have been particularly weak; GlobalData estimates that construction in advanced economies grew by just 0.5% in 2023.

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