It has since expanded from the core group to include almost all Western European countries, as well as 4 Central Eastern European countries. Construction markets are regional or even local. The following notes describe which are the most common definitions of the concepts of the Euroconstruct report among the different countries. These definitions do not apply literally to each of the 19 countries, so readers are encouraged to check the specific methodological notes of each country in order to identify the possible deviations from these standards that may apply to that particular market.
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Even after five years of continuous growth this is still far below the peak before the financial crises. This can be mainly attributed to the development of Spain and Italy while on the other hand 10 out of 15 western European countries achieved a higher total construction volume in compared to The construction market in Spain remains more than four times smaller than in , despite four consecutive years of growth.
In Italy construction output shrank to one third. Also, Ireland faced such a drastic decline. National differences remain therefore high. Especially turbulences in world trade are reducing industrial production and the propensity to investment in Europe. The majority of influencing factors points towards a lower increase in construction output in the coming years. After 3. Also, a trend reversal can be observed. The new construction sector - which has grown strongly over the past five years - is beginning to weaken, while the renovation market has a much more favourable outlook.
In the period to all main construction sectors will face a decline in average annual growth. Civil engineering is expected to grow by 2. The largest European construction markets face the least favourable development. Especially commercial investment, namely in the area of new commercial buildings and in the infrastructure sector will be low. Also the French construction outlook is less favourable, even if the decline is expected to be weaker. Even worse is the outlook for the Nordic countries, Finland and Sweden, where production levels are expected to fall in the next three years on average.
A new Europe rising
Sign up for the Euroconstruct webinar and get the latest construction market forecasts! Webinar presentations include detailed forecasts for the European construction market Due to current uncertainty caused by coronavirus pandemic, updated versions of market forecasts will be provided in August The corona outbreak is turning the world as we know it upside down. It is perhaps more important than ever to prepare for different scenarios to come.
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