Construction sector set to grow in Europe in 2017
As announced at the 84th Euroconstruct Conference in Munich on 24 November 2017, construction volume in the Euroconstruct area is expected to grow by 3.5% in 2017. The strongest stimuli will once again come from residential construction. Developments in 2017 are remarkable for two reasons. Firstly, growth in construction measures in Europe reached its highest level since 2006, or shortly before the outbreak of the international financial crisis. Secondly, construction demand is rising in all 19 member countries in 2017. This is the first time that growth has been seen across the board in Europe since Germany’s reunification; and it looks like this feat will be repeated in 2018.
The European construction industry has now been on track for growth since 2014. Construction output in the four years from 2014 to 2017 has increased by a total of 9%. A further increase of 6% can be expected in the 19 Euroconstruct member states by 2020. Growth rates will slow considerably in the future in both residential construction and non-residential construction, while civil engineering will take over the role of market driver in the medium term. The civil engineering sector is also expected to grow at the unprecedented rate of over 4% in 2018 and 2019 respectively. At the same time, the new construction segment will clearly lose importance in the years ahead. By 2020 the renovation sector is expected to see stronger growth than new construction for the first time since 2014.