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Construction in Germany - Key Trends and Opportunities to 2024

Construction in Germany - Key Trends and Opportunities to 2024

Summary

The German construction industry expanded by 3.5% in real terms in 2019, driven by public and private sector investments in both building and civil engineering works. Growth in the construction industry was driven by growth in the residential sector, with an increase in building permits by 1.8% in 2019, and the government's efforts to ease the housing shortage.

Construction activities held up relatively well in the first three quarters of the year, with the construction sector exempted from the lockdown restrictions imposed earlier in 2020. According to Eurostat, the industry's value-add recorded growth of 2% YoY in the first nine months of 2020. Although the residential sector registered growth during this period, the commercial sector and civil engineering works witnessed lower levels of activity. The industry's outlook in the final quarter of the year could be affected by the resurgence of COVID-19 cases in the country, which prompted the government to reimpose a partial lockdown from early November to mid-December.

In September 2020, the German cabinet approved the draft budget for 2021, which involves increasing spending by EUR413.4 billion (US$455.3 billion) next year. To counter the impact of the pandemic, the government is focused on a broad investment initiative. The draft budget involves an allocation of EUR55 billion (US$60.6 billion) on investment spending in 2021, and EUR48 billion (US$52.9 billion) annually during 2022 and 2024. Over the next four years, most of the investment will be made on road, rail, and waterways infrastructure.

GlobalData expects the German construction industry to grow by 0.8% this year and rebound with an annual average growth rate of 2.6% between 2021-2024. This growth will be supported by the government's focus on improving regional connectivity through the development of the country's rail and road transport infrastructure, coupled with efforts to boost energy production. The construction of the Fehmarn belt underwater tunnel between Germany and Denmark, which is worth EUR7 billion (US$7.8 billion), will drive growth in the industry in the medium term. Growth will also be supported by the 10-year plan to invest EUR86 billion (US$94.7 billion) on the maintenance and modernization of the country's rail network between 2020 and 2030.

This report provides detailed market analysis, information, and insights into the German construction industry, including -
- The German construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the German construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Scope

This report provides a comprehensive analysis of the construction industry in Germany. It provides -
- Historical (2015-2019) and forecast (2020-2024) valuations of the construction industry in Germany, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants

Reasons to Buy

- Identify and evaluate market opportunities using GlobalData's standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using GlobalData's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
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Construction in Germany - Key Trends and Opportunities to 2024
Published By :GlobalData
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