Hazelton says Brazil's cumulative annual construction growth rate could average 9.5% from 2012 to 2017, peaking in 2015. He observes that the nation is struggling to meet schedules to build infrastructure needed for the 2014 World Cup and may have to resort to importing construction workers.

Not all of Brazil's construction is centered on the World Cup and the 2016 Olympics. The Brazilian government has pledged to spend $518 billion over three years to upgrade its infrastructure and low-income housing. "Much of the infrastructure spending is in rail, airports and highways," Hazelton says.

While Latin America is one of the biggest and fastest-growing markets in the world, there are real risks associated with working there, Hazelton cautions. "From a risk standpoint, working in places like Chile or Panama may be as safe as working in the U.S. or Europe," he says, but there are political and legal risks in Venezuela and a risk of inflation in Brazil.

The Middle East continues to be uncertain as political unrest causes disruptions in construction growth in Egypt, Libya and Tunisia, among other nations. Saudi Arabia will continue to be the biggest market, but Hazelton notes that the market is not just in oil. The Saudi Arabian government has initiated a major infrastructure and housing program to answer its general population's needs.

The global market continues to grow despite regional upheavals. Hazelton says there are three major concerns going into 2012: a breakup of the European Union caused by the region's debt crisis, which Hazelton deems unlikely; a hard landing for China's worrisome real estate market and a major disruption in the oil supply caused by a new war in the Middle East. Absent such disruptions, the global construction market should grow steadily through the end of the decade.

Details of IHS's study can be found in its Jan. 19 webcast at ">http://video.webcasts.com/events/pmny001/viewer/index.jsp?eventid=40959.