Construction in Western Europe – Key Trends and Opportunities to 2017 By Timetric

1. Construction in Western Europe – Key Trends
and Opportunities to 2017
Timetric
Report Highlight

2. Synopsis
This report provides detailed market analysis, information and insights into the Western European construction market,
including: The Western European construction market’s growth prospects by sector, project type and type of construction
activity Analysis of equipment, material and service costs across each project type in Western Europe Critical insight into
the impact of industry trends and issues and the risks and opportunities they present to participants in the Western
European construction market Assessment of the competitive forces facing the construction industry in Western Europe
and profiles of the leading players
Summary
Western Europe experienced a severe financial crisis during 2008–2009 with economic activity in the region contracting
sharply. Reflecting ongoing weakness in the region, real GDP has yet to rise above the pre-2008 level, with ongoing debt
problems in most countries constraining growth, particularly in Greece, Ireland, Spain and Portugal. Budget deficits and
government debt in several countries in the region are at alarming levels owing to the sluggish recovery from the
economic crisis, which has led to record high unemployment levels. Public and private investment for new projects has
declined significantly in the recent past. The construction industry in Western Europe recorded a CAGR of -5.94% during
the review period, mirroring the subdued economic environment in the region.
Scope
This report provides a comprehensive analysis of the construction industry in Western Europe: Historical (2008-2012) and
forecast (2013-2017) valuations of the construction market in Western Europe using the construction output method
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 Western Europe

3. Key Highlights
The Western European construction industry recorded a CAGR of -5.94% during the review period. All
construction markets registered negative growth in this period, largely as a result of the slowing down of the
region’s economies following the financial crisis and the region’s debt troubles.
Residential construction constituted the largest market in the construction industry, accounting for a 46.9% share
of industry output in 2012. The residential construction market experienced a housing price boom before the
financial crisis, driven by strong economic and income growth, low interest rates and increased competition
among banks with regard to supplying credit. Property prices in general across the region fell sharply in 2008 and
2009 with, at best, gradual recoveries since then contributing to a still subdued property market. The residential
construction market is projected to record only a marginal growth of 0.1% in 2013 but is expected to rebound in
2014.
Infrastructure construction accounted for 22.3% of the overall construction industry output in 2012. Countries
across the region have invested heavily in infrastructure construction, and while investment has slowed since the
financial crisis, it remains high. Large investments in rail infrastructure development in most Western European
countries will see rail infrastructure construction record the fastest growth of all infrastructure construction
categories over the forecast period. All countries in the region are also committed to increasing the share of
renewable energy in total energy consumption, and the category is set to receive healthy support.
The commercial construction market was severely affected by the global economic crisis and the tightening
liquidity situation. Prime retail space continues to exhibit high occupancy rates and stable rents. Similar to retail
buildings, demand for high-quality office space is still strong in prime locations of major cities. Office space
demand usually exceeds supply, as developers have been reluctant to invest in office space based on speculative
demand.

4. About the Publisher
Timetric is an independent economic and business research firm providing critical
intelligence on emerging economies and key global industries. We provide detailed
economic and sector intelligence, business insights and authoritative, independent
commentary.
Timetric’s flagship products are economic and industry intelligence centers, which are
premium decision tools that provide access to comprehensive research and expert
analysis. They provide invaluable decision support presented in easily digestible formats
and grounded in deep research.
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