According to data released by the Council of Tall Buildings and Urban Habitat (CTBUH), 143 buildings of 200 meters or greater height were completed in 2018.
With 109 buildings, representing 76 per cent of the total, Asia remained at the top of the rankings in 2018, recording slightly fewer than its 2017 total of 113 buildings of at least 200 meters in height. For the 23rd year in a row, China has maintained its reign as the most prolific country when it comes to the construction of 200-meter-plustall buildings, with 88 completions in 2018, for 61.5 percent of the total.
This is a record for China, exceeds last year’s figure by eight, and represents an even greater proportion of the global total than the 2017 figure of 54.4 percent. China’s previous record was set in 2016, with 86 buildings of 200 meters or higher. Second place was again held by the United States, with 13 completions, up from 10 in 2017.
And once again, outdoing its own record from last year, Shenzhen, China, recorded 14 completions, making this the third year in a row in which the city completed the world’s largest number of 200-meter-plus completions, and comprising nearly 10 percent of the global total.
According to the CTBUH report, any discussion of business or industry in 2018 would have to consider the role of China, the world’s second-largest economy, which is undergoing changes under the leadership of President Xi Jinping.
Bearing in mind that skyscrapers are lagging economic indicators that take years to plan, design and construct, the effects of decisions made now will not substantially affect skyscraper completion rates for several years, says the report. Although 2018 was a banner year for skyscraper projects in the country, it is likely that coming years will register the effects of increased financial controls and more conservative debt financing policies.
If these policies continue, China’s seemingly limitless dominance of the tall building world may begin to falter. It can also be expected that any tariffs imposed against China would lead to disruptions in the global construction industry, particularly concerning steel, as well as in China itself.
The ability of Chinese banks and developers to fund overseas projects could be further reduced; overseas investment has already been strongly curtailed during 2018, resulting in the cessation, sale, or interruption of Chinese investor-driven projects in Australia, the United States, and elsewhere.
The new heights being reached in Southeast Asia are likely indicative of improving economic conditions in countries such as Thailand, Cambodia and Vietnam, which are experiencing growth in industrial production, foreign direct investment, and tourism, among other inputs, says the report.
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