European Construction Market Outlook to 2025

Euroconstruct, the construction market research network, has adjusted downwards its forecast for the European construction sector for 2023 and 2024 due to changes in the economic environment. The factors explaining the gradual slowdown in growth and leading to a decline in construction spending in 2023 have become more entrenched since mid-2022, such as the weaker momentum of the global economy, inflation, the change in direction of monetary policy and the resulting rise in interest rates. The latest forecast now predicts a 1.1 percent decline in construction volumes in 2023, followed by a further 0.7 percent decline in 2024. The lecture discussed the implications for residential, non-residential and civil engineering construction and outlined the scenario for European construction up to 2025.