Europe’s construction sector is expected to grow 3% to €1412 billion this year, with an annual growth of at least two percentage points projected for the next two years. The figures reflect a more optimistic outlook compared to a previous forecast of 2.4%. The sector is expected to grow 1.6% compared to the previous forecast of 1.9%, according to independent research organisation Euroconstruct.
The report, released at Euroconstruct’s 80th conference in Budapest last December, noted that Ireland and Slovakia recorded the strongest growth rates -more than 10%- while Poland and Ireland are expected to exceed 7% in between 2016 and 2018.
The five largest construction markets– Germany, UK, France, Italy, and Spain – are also expected to contribute more than two-thirds of the forecast market expansion in 2016.
Repair, renovation and maintenance works were responsible for 60% of the total residential market in 2015. The residential sector generate more activity in 2016-2018, driven in part by Europe’s mass migration. Nearly a million new residents will require housing.
The non-residential market will also grow in all 19 Euroconstruct countries during 2016. Growth will stagnate in Finland and Sweden in 2017.
Source: ITTO/ Panels & Furniture Asia