This report provides
detailed market analysis, information and insights into the Portuguese
construction industry including:
·
The Portuguese
construction industry's growth prospects by market, project type and type of
construction activity
·
Analysis of equipment,
material and service costs across each project type within Portugal
·
Critical insight into
the impact of industry trends and issues, and the risks and opportunities they
present to participants in the Portuguese construction industry
·
Analyzing the profiles
of the leading operators in the Portuguese construction industry.
·
Data highlights of the
largest construction projects in Portugal
·
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Executive summary
The Portuguese
construction industry recorded a compound annual growth rate (CAGR) of 10.67%
during the review period (2009–2013) and valued EUR19.1 billion (US$25.4
billion) in 2013. During the review period, all construction markets registered
negative growth, owing to the financial crisis and austerity measures
implemented by the government. Although export demand has improved, the economy
remained weak and the recovery is vulnerable to external risks. Until consumer
and business confidence is revived, general spending and investment will remain
low, undermining the prospects for construction activity growth. The construction
industry’s output is, therefore, expected to record a nominal CAGR of 1.06%
over the forecast period (2014−2018), to reach EUR20.2 billion (US$28.4
billion) in 2018.
Scope
This report provides a
comprehensive analysis of the construction industry in Portugal. It provides:
·
Historical (2009-2013)
and forecast (2014-2018) valuations of the construction industry in Portugal
using construction output and value-add methods
·
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 Portugal
Reasons to buy
·
Identify and evaluate
market opportunities using our standardized valuation and forecasting
methodologies
·
Assess market growth
potential at a micro-level with over 600 time-series data forecasts
·
Understand the latest
industry and market trends
·
Formulate and validate
business strategies using Timetric's critical and actionable insight
·
Assess business risks,
including cost, regulatory and competitive pressures
·
Evaluate competitive
risk and success factors
Key highlights
·
For the past decade,
Portugal’s construction industry has been in a state of decline. According to
Statistics Portugal (Instituto Nacional de EstatÃstica – INE), in 2013,
construction production activity was equivalent to just 40.0% of the total in
2003. The pace of decline quickened in 2012 and 2013, when the annual decline
reached 16.0%. Construction value added in real terms declined from EUR6.4
million (US$8.2 million) in 2012 to EUR5.5 million (US$7.3 million) in 2013,
while the contribution of total construction industry’s value add to GDP in
nominal terms declined from 4.4% in 2012 to 3.8% in 2013. There has also been a
decline in the number of building permits issued in the country; the total fell
to 16,700 in 2013, a decline of 19.6% over 2012. The number of completed
buildings dropped to 19,700 in 2013, a decline of 24.1% during the same period.
·
In 2011, the
government introduced the new toll charges on roads stretching more than 900km.
The charges resulted in a decline in traffic and affected investments in road
infrastructure. According to Inrix, a leading provider of traffic services,
congestion was reduced by 68.0% in the first quarter of 2013. Portugal’s
infrastructure projects are primarily financed by public private partnerships
(PPPs) and in 2012 the government decided to renegotiate these contracts with
private firms to generate savings and reduce the PPP obligation by 30% over the
next 30 years. Owing to these situations, the investment in the road
infrastructure category is likely to decline over the forecast period.
·
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·
In a bid to meet the
targets set out by international lenders, the government has had to implement
austerity measures. The government reduced its education spending from a peak
of EUR8.5 billion (US$11.2 billion) in 2010 to EUR6.8 billion (US$8.7 billion)
in 2012, with some of this saving coming from school closures. The number of
schools was reduced by 1,200 to reach 6,292 for the academic year 2013–2014,
and as such, future investment in new educational buildings is expected to be
minimal.
·
According to the INE,
the movement of goods in ports increased by 20.2% in the fourth quarter of
2013, whereas railway freight transport increased by 8.0%. The road freight
transport registered an increase of 19.9% in the fourth quarter of 2013. The
upward trend in the transport of goods is likely to continue due to
improvements in export demand, which, in turn, will attract investment in the
transport infrastructure over the forecast period.
·
According to the World
Travel and Tourism Council, the direct contribution of tourism to the country’s
GDP reached EUR9.4 billion (US$12.8 billion) in 2012 and is expected to
increase by 2.0% annually by 2023. The number of foreign tourist arrivals in
the country increased by 8.1%, to reach 3.6 million in the first half of 2013.
Due to an increasing number of tourists, investment in the leisure and
hospitality buildings category is expected to increase. Various upcoming
projects, such as the Monte Nabo Hotel Resort & Spa, worth EUR24.0 million
(US$30.0 million) and Palmares Beach and Golf Resort in Algarve, worth EUR313.1
million (US$412.0 million), will support growth in the commercial construction
market.
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