95th Euroconstruct Conference: European Construction Market Outlook until 2025 – Risks and uncertainties impeding the growth of the European construction market. Summary Report

Euroconstruct
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Abstract: The 95th Euroconstruct Forecasts of summer 2023 show a slight decline in the construction markets covered by the 19 members of the network in 2023 and 2024, reflecting a downward revision of the previous forecasts due to the ongoing war in Ukraine and the negative impact on economic development. The forecasts show a decline in real construction output of around 1 percent per year, with strong regional and sectoral differences. In particular, the forecasts for new residential construction are much weaker due to rising interest rates and thus high financing costs. On the demand side, high inflation is also reducing private disposable income, with a negative impact on the housing market. The outlook for civil engineering in Europe remains favourable, particularly in the energy and water sectors. Stronger growth is also forecast for transport infrastructure, although risks are increasing due to higher financing costs, placing a significant burden on public budgets.

Date: 2023 Written 2023-06-15
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Persistent link: https://EconPapers.repec.org/RePEc:wfo:wstudy:70801

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