This report provides detailed market
analysis, information and insights into the Western European construction
market, including:
- The Western European construction market’s growth prospects by sector, project type and type of construction activity
- Analysis of equipment, material and service costs across each project type in Western Europe
- Critical insight into the impact of industry trends and issues and the risks and opportunities they present to participants in the Western European construction market
- Assessment of the competitive forces facing the construction industry in Western Europe and profiles of the leading players
Executive summary
Western Europe experienced a severe
financial crisis during 2008–2009 with economic activity in the region
contracting sharply. Reflecting ongoing weakness in the region, real GDP has
yet to rise above the pre-2008 level, with ongoing debt problems in most
countries constraining growth, particularly in Greece, Ireland, Spain and
Portugal. Budget deficits and government debt in several countries in the
region are at alarming levels owing to the sluggish recovery from the economic
crisis, which has led to record high unemployment levels. Public and private
investment for new projects has declined significantly in the recent past. The
construction industry in Western Europe recorded a CAGR of -5.94% during the
review period, mirroring the subdued economic environment in the region.
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Scope
This report provides a comprehensive
analysis of the construction industry in Western Europe:
- Historical (2008-2012) and forecast (2013-2017) valuations of the construction market in Western Europe using the construction output method
- Segmentation by sector (commercial, industrial, infrastructure, institutional and residential) and by project type
- Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)
- Analysis of key construction industry issues, including regulation, cost management, funding and pricing
- Detailed profiles of the leading construction companies in Western Europe
Key highlights
- The Western European construction industry recorded a CAGR of -5.94% during the review period. All construction markets registered negative growth in this period, largely as a result of the slowing down of the region’s economies following the financial crisis and the region’s debt troubles.
- Residential construction constituted the largest market in the construction industry, accounting for a 46.9% share of industry output in 2012. The residential construction market experienced a housing price boom before the financial crisis, driven by strong economic and income growth, low interest rates and increased competition among banks with regard to supplying credit. Property prices in general across the region fell sharply in 2008 and 2009 with, at best, gradual recoveries since then contributing to a still subdued property market. The residential construction market is projected to record only a marginal growth of 0.1% in 2013 but is expected to rebound in 2014.
- Infrastructure construction accounted for 22.3% of the overall construction industry output in 2012. Countries across the region have invested heavily in infrastructure construction, and while investment has slowed since the financial crisis, it remains high. Large investments in rail infrastructure development in most Western European countries will see rail infrastructure construction record the fastest growth of all infrastructure construction categories over the forecast period. All countries in the region are also committed to increasing the share of renewable energy in total energy consumption, and the category is set to receive healthy support.
- The commercial construction market was severely affected by the global economic crisis and the tightening liquidity situation. Prime retail space continues to exhibit high occupancy rates and stable rents. Similar to retail buildings, demand for high-quality office space is still strong in prime locations of major cities. Office space demand usually exceeds supply, as developers have been reluctant to invest in office space based on speculative demand.
- Government austerity measures have led to cuts in healthcare and education budgets across the region. Greece, Portugal and Ireland – the countries worst affected by the sovereign debt crisis – have implemented the largest cuts. Timetric expects institutional construction to record the slowest growth of all construction markets at a CAGR of 1.32%.
- Industrial construction was the smallest construction market in Western Europe in 2012. With a share of 7.3% in 2012, the market recorded a CAGR of -4.91% during the review period. Manufacturers face declining output and rising costs as a result of subdued domestic and export demand.
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