The Belgian construction industry recorded a review-period (2009−2013) compound annual growth rate (CAGR) of 3.97%. As a result of the eurozone crisis, the industry declined by 0.3% in 2009, and by 0.1% in 2013. This, along with falling employment and low wage growth, led to steady falls in domestic economic activity and demand for new construction projects. Construction industry growth is expected to recover over the forecast period (2013–2018), driven by government initiatives to improve public infrastructure, moderate household debt, and rising interest of domestic and foreign developers in constructing residential units to meet housing demand. Consequently, the industry is expected to grow at a moderate forecast-period CAGR of 2.0%.
This report provides detailed market analysis, information and insights into the Belgian construction industry including:
- The Belgian construction industry's growth prospects by market, project type and type of construction activity
- Analysis of equipment, material and service costs across each project type within Belgium
- Critical insight into the impact of industry trends and issues, and the risks and opportunities they present to participants in the Belgian construction industry
- Analyzing the profiles of the leading operators in the Belgian construction industry.
- Data highlights of the largest construction projects in Belgium
This report provides a comprehensive analysis of the construction industry in Belgium. It provides:
- Historical (2009-2013) and forecast (2014-2018) valuations of the construction industry in Belgium using construction output and value-add methods
- 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 Belgium
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- The Belgian construction industry is undergoing a testing period as a result of subdued economic activity. The industry recorded negative growth of 0.1% (nominal terms) in 2013, the first time since 2009. The construction production index fell by 0.3% during the first quarter of 2013, although there was marginal growth in the second and third quarters, with the production index growing by 0.1% and 0.6% respectively. The industry is set to grow further, both in 2014 and over the forecast period, due to improved economic conditions, low interest rates and increased investment.
- In nominal terms, the total construction value add in Belgium was EUR19.4 billion (US$25.8 billion) in 2013, after registering a nominal CAGR of 2.35% during the review period. The value add is anticipated to reach EUR21.9 billion (US$30.9 billion) in 2018, and record a nominal forecast-period CAGR of 1.50% over, driven by increases in residential and infrastructure construction activity and government measures to enhance the country’s real estate and transport networks.
- The European Investment Bank (EIB), the EU’s non-profit long-term lending institution, has announced plans to invest in projects to create both job opportunities and financing solutions, as well as to increase partnerships among public and private firms. In 2013, the EIB allocated EUR1.5 billion (US$2.6 billion), of which 19.0% was for the energy sector, 8.0% for the transport sector, 24.0% for water and sewage, 11.0% for the industrial and agricultural sectors, 15.0% for the education and healthcare sectors, and 23.0% for other small- and medium-scale projects. This is thus likely to support construction activity growth in these areas.
- A growing number of small- and medium-sized Belgian businesses are filing for bankruptcy as a result of rising staff costs and excessive taxation. According to Statistics Belgium, the number of bankrupt businesses in the country in the second half of 2013 rose to 6,006, a 4.5% rise compared to the second half of 2012. On account of the huge costs involved, only large-scale businesses were able to survive, while small companies and independent traders were affected the most in this difficult situation. During the same period, the number of failed businesses rose by 10.3% in the construction industry, by 2.3% in the commerce industry, by 9.5% in the hotel and catering industry, by 5.0% in the transportation industry, and by 3.7% in the industrial sector. This situation was worst in the Brussels region, where the number of bankruptcies rose by 33.0% in 2013.
- According to the Global Property Guide Belgium, residential property prices in the country rose by 0.3% in 2013, after increases of 1.1% in 2012 and 3.5% in 2011. There have been varying trends in property prices in different categories, however with the largest increase in prices recorded in the multi-family housing category, as apartment prices in the country increased by 0.9%. At the same time, the single-family housing category posted a decline in prices, as prices of bungalows and villas decreased by 0.9%. Furthermore, there has been variation in the property prices in regions, if adjusted for inflation; house prices rose in the Flemish region by 3.4% and in the Walloon region by 1.9%, although in Brussels, prices dropped by 1.2%.
Spanning over 74 pages, “Construction in Belgium - Key Trends and Opportunities to 2018” report covering the Market Overview, Commercial Construction, Industrial Construction, Infrastructure Construction, Institutional Construction, Residential Construction, Company Profile: Compagnie d’Entreprises CFE SA, Company Profile: Besix Group SA, Company Profile: Denys NV, Company Profile: De Smet Engineers & Contractors SA, Company Profile: Cofinimmo SA/NV, Market Data Analysis, Appendix. The report covered companies are - Compagnie d’Entreprises CFE SA, Besix Group SA, Denys NV, De Smet Engineers & Contractors SA, Cofinimmo SA/NV
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