The output value of house building in China has shown a robust upward trend from 2013 to 2023, nearly doubling over the period from 102.29 Hundred Billion Yuans Renminbi in 2013 to 215.27 in 2023. The annual growth rate has varied, but remained positive, showcasing strengthening market momentum particularly from 2021 to 2023 with yearly increases of above 8%. The compound annual growth rate (CAGR) from 2018 to 2023 was 7.66%, indicating a steady expansion.
Forecasts suggest the output value will continue to rise, reaching 300.7 by 2028. Despite a slightly slower projected CAGR of 5.26% over the next five years, the growth rate is expected to remain strong with an overall 29.22% increase.
Future trends to watch for include:
- Urbanization and domestic migration towards major cities.
- Technological advancements in construction methods.
- Government policies and regulations affecting the housing market.
- Economic factors such as interest rates and consumer demand.
