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The promising growth prospects. The EU construction industry in 2015 and 2016

The promising growth prospects
The EU construction industry in 2015 and 2016

The EU construction industry returned to growth and it seems that this positive signal is not temporary. Increasing values of production in construction sector were already observed in 2015, but the next year was even better. The reason for this trend is significant growth in activity aimed at construction of buildings.

1. Production in the EU construction sector

The production in the EU construction sector in 2016 was higher by almost 1,5% than a year before.  The highest increase since 2015 was recorded in Greece (+23%, compared with 2015), Ireland (+18,5%), Cyprus (+13%) and Sweden (+11%). On the other hand, the construction sector was not able to maintain its economic potential in several EU countries, in which the production of the sector significantly decreased. This group includes i.e. Hungary (-19%, compared with 2015), Latvia (-18%), Slovenia (-18%) and Bulgaria (-17%).

Figure 1
Production in the EU construction sector
(Index 2010=100%) – quarterly data; source: EUROSTAT

1.1.   Subsector: building construction

Production in the EU building construction subsector  was higher by 2% than a year before. The highest increase since 2015 was recorded in Ireland (+24%, compared with 2015), Greece (+18%), Cyprus (+16%) and Sweden (+11%). At the same time, the production in the EU building construction subsector significantly decreased in Bulgaria (-17%, compared with 2015), Poland (-11%), Hungary (-4%) and Slovakia (-4%).

1.2.   Subsector: civil engineering works

Contrary to the EU building subsector, production related to the EU civil engineering works reached decreased by 2% since 2015. This decline, however, did not affect economic condition of the whole EU construction sector which was able to maintain upwards trend. Moreover, the negative trend registered in the EU civil engineering works was stopped in the third quarter of 2016, when the production value started to grow. The highest increase since 2015 was recorded in Greece (+27%, compared with 2015), Spain (+14%), Sweden (+10%) and Ireland (+7%). At the same time, the production in the EU civil engineering works subsector significantly decreased in Latvia (-33%, compared with 2015), Hungary (-33%), Slovakia (-25%) and Slovenia (-25%).

Figure 2
Production in the EU construction subsectors
(Index 2010=100%) – quarterly data; source: EUROSTAT

 

2. Building permits 

The number of m2 of useful floor area in EU buildings which got permits in 2016 increased by 12% since 2015. The highest increase was recorded in Hungary (+68%, compared with 2015), Spain (+59%), Slovakia (+40%) and Slovenia (+30%). At the same, time the number of m2 of useful floor area in EU buildings which got permits decreased in Greece (-19%, compared with 2015), Latvia (-2%), Estonia (-1%), Belgium (-1%) and Austria (-1%).

 Figure 3
All new EU building permits measured in terms of m2 of useful floor area
(Index 2010=100%) – quarterly data; source: EUROSTAT

2.1. Residential buildings 

The number of m2 of useful floor area in EU residential buildings which got permits in 2016 was 15% higher than a year before. The highest increase since 2015 was recorded in Hungary (+139%, compared with 2015), Spain (+107%), Croatia (+33%) and Portugal (+31%). At the same time, the number of m2 of useful floor area in EU residential buildings which got permits decreased only in the Netherlands (-1%, compared with 2015).

2.2. Non-residential buildings (except office buildings)

In the case of EU other non-residential buildings (except office buildings), the number of m2 of useful floor area which got permits in 2016 increased by 5% since 2015. The highest increase was recorded in Slovakia (+96%, compared with 2015), Slovenia (+60%), Hungary (+37%) and Portugal (+26%). At the same time, the number of m2 of useful floor area in EU residential buildings which got permits decreased most significantly in Greece (-34%, compared with 2015), Austria (-25%), Croatia (-16%) and Latvia (-15%).

2.3. Office buildings 

The number of m2 in EU office buildings which got permits in 2016 was higher by 9% than a year before. The highest increase since 2015 was recorded in Slovakia (+437%, compared with 2015), Latvia (+170%), Croatia (+105%) and Slovenia (+103%). At the same time, the number of m2 of useful floor area in EU residential buildings which got permits decreased in Greece (-24%, compared with 2015), Poland (-11%), Ireland (-11%) and United Kingdom (-4%).

 

Figure 4
Building permits in EU measured in terms of m2 of useful floor area

(Index 2010=100%) – quarterly data for different types of buildings; source: EUROSTAT

Although production in the EU construction sector in 2016 still not achieved values recorded at the beginning of the current decade (in 2016 the production reached 96% of value recorded in 2010), it can be expected that the upcoming years will improve economic capacity of the sector. Taking into account the data presented above, it should be emphasized that the most promising perspectives can be found in subsector aimed at construction of buildings. This activity is characterized by increasing both value of production and a number of new building permits.

 

Source: ASM – Market Research and Analysis Centre Ltd. based on EUROSTAT

(data updated: 11.04.2017)

ASM - Centrum Badań i Analiz Rynku to polska firma działająca od 1996 r. w kraju i w Europie. Posiadamy status centrum badawczo-rozwojowego. Działamy w następujących obszarach:
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