79 th EUROCONSTRUCT Summary Report
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1 79th EUROCONSTRUCT Conference June 2015, Warsaw 79 th 79 th EUROCONSTRUCT Summary Report European Construction: Market Trends until 2017 HONORA RY PATRON:
2 EUROCONSTRUCT, November th EUROCONSTRUCT Conference June 2015, Warsaw
3 79th EUROCONSTRUCT Conference June 2015, Warsaw 79 th EUROCONSTRUCT Summary Report European Construction: Market Trends until 2017
4 All rights reserved EUROCONSTRUCT, June 2015 Reproduction or distribution of all or parts of the report is strictly forbidden without the prior written authority from PAB-PCR&F Institute, acting on behalf of the EUROCONSTRUCT network. EUROCONSTRUCT is a registered trademark. The report is provided for informational purposes only and without any obligation, whether contractual or otherwise. No warranty or representation is made as to the correctness, completeness and accuracy of the information supplied or the forecasts made. This Country Report has been written and prepared by the EUROCONSTRUCT network from the country reports of the 19 EUROCONSTRUCT member institutes. Design by FARM Studio (farm.co.hu) Editing by Buildecon (buildecon.com) and DigiNyomda (diginyomda.hu)
5 Table Of Contents The EUROCONSTRUCT Network 4 Macroeconomic outlook 7 Forecast Tables 12 Residential market 25 Forecast Tables 41 Non-residential market 49 Forecast Tables 60 Civil engineering market 71 Forecast Tables 81 Construction market overview 93 Forecast Tables 104 Methodological notes and definitions 121 Member Institutes 151
6 The EUROCONSTRUCT Network Austria [AT] WIFO Hungary [HU] BUILDECON Slovakia [SK] ÚEOS Belgium [BE] Aquiec-Vkebi Ireland [IE] DKM Spain [ES] ITeC Czech Republic [CZ] ÚRS PRAHA Italy [IT] CRESME Sweden [SE] Prognoscentret AB Denmark [DK] CIFS Netherlands [NL] EIB Switzerland [CH] KOF ETH Finland [FI] Forecon Norway [NO] Prognosesenteret AS United Kingdom [UK] EXPERIAN France [FR] BIPE Poland [PL] PAB-PCR&F Germany [GE] Ifo Portugal [PT] ITIC FI NO SE DK IE UK BE NL DE CZ PL SK FR CH AT HU IT PT ES 4
7 European Construction Business Research And Forecasting Group EUROCONSTRUCT is a registered trademark. EUROCONSTRUCT was set up in 1974 by specialised research organisations from Belgium, France, Germany, Italy, the Netherlands and United Kingdom as a study group for construction analysis and forecasting. It has since expanded from the core group to include almost all Western European countries, as well as 4 Central Eastern European countries. At present, EUROCONSTRUCT has member institutes in 19 European countries. EUROCONSTRUCT s objective is to provide decision makers in the construction sector and other to the construction industry related markets with information, analyses and forecasts to enable them to plan their business better and more effectively. Furthermore, the activities of the EUROCONSTRUCT network addresses to official institutions like ministries or agencies and to national and international associations. Construction markets are regional or even local. It is, therefore, a great advantage that the analyses and forecasts for these markets are prepared within the EUROCONSTRUCT network by competent national institutes for their respective home markets. EUROCONSTRUCT s research and advice focuses on: Short and medium-term macro-economic forecasts and construction trends in Europe; Analyses of structural changes, business strategies and competition in the construction industry; Market studies for industrial goods and services used by the building and infrastructure sectors. EUROCONSTRUCT s research and forecasts are designed to meet the needs of many types of business including: Construction contractors and developers; housing associations; Manufacturers and traders supplying construction materials, products, equipment and machines; architects and other construction professionals; Insurances, banks, financial and credit institutions; fund managers and other investors; government departments and national agencies; industry associations; The Commission of the European Community and other European organisations. Each country member of EUROCONSTRUCT has the project management resources to offer their customers turnkey studies of pan-european scope. They can guarantee: Specific know-how and experience in database research and consulting; A consistent multinational approach; Expertise in project co-ordination and quality control; Reports in the languages of the customer s choice. Twice a year, EUROCONSTRUCT organises an international conference on: Forecasts for the main market segments (housing, non-residential construction, infrastructure and civil engineering, all sub-sectors with a breakdown in new work and renovation/ modernisation activities) in the EUROCONSTRUCT member countries; A special issue selected for its impact on the construction industry (e.g. demographics, privatisation, lifestyles, technological change, internationalisation of strategies, changes in the demand and supply structure). Recent and forthcoming conference venues: Winter 2013 Prague (Czech Republic) Summer 2014 Oslo (Norway) Winter 2014 Milan (Italy) Summer 2015 Warsaw (Poland) Winter 2015 Budapest (Hungary) Summer 2016 Dublin (Ireland) In addition, EUROCONSTRUCT offers special studies for selected national and international clients based on well-founded knowledge of databases, methods, correlations and measures. For details, please contact the EUROCONSTRUCT partner institute in your country. 5
8 79th EUROCONSTRUCT Conference June 2015, Warsaw
9 Macroeconomic outlook Mariusz Sochacki Tel: PAB-PCR&F Institute 7
10 EUROCONSTRUCT, June 2015 Macroeconomic outlook Global perspectives Global economic activity remained moderate in 2014, while business conditions continued to vary significantly across countries. Strong recovery was sustained in the United States, supported by expansionary monetary policy and a fading drag from fiscal tightening. In contrast, the Euro area economic growth remained sluggish, adversely affected by the structural problems faced by some member countries, such as persistently high debt levels and related decline in lending. The global economy remains on a gradual recovery path. The world economy grew by about 3.6% in 2014 (excluding the Euro area). In the latest Economic Outlook by ECB, the world real GDP is projected to increase over the projection horizon, rising from 3.8% in 2015 to slightly above 4% in the period The global outlook is being shaped by a number of supportive factors, including: a significant decline in oil prices, which should have an overall positive impact on the global economic activity, an ongoing sustained recovery and a robust outlook in the United States, expected diminishing of the unemployment rate. However, some adverse factors also exist, such as: the repercussions of the double shock economic sanctions and the fall in oil prices for the Russian economy; the sharp movements in financial markets, partly due to increasingly divergent monetary policies; and the disappointing growth rate of some emerging market economies of BRIICS (Brasil, Rusia, India, Indonesia, China and South Africa), leading to downward revisions of their potential growth. Reflecting the factors shaping the global outlook, the global recovery is characterised by uneven developments among both the advanced and emerging market economies. Advanced economies will continue to benefit from diminishing headwinds, including waning deleveraging, a moderating fiscal drag and improving situation on the labour markets, while unaddressed structural challenges and the tightening of financial conditions will still weigh on growth in emerging market economies. Source: IMF Economic Outlook April 2015 Source: IMF Economic Outlook April
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