91st Euroconstruct Conference: European Construction Market Outlook until 2023 – Strong Rebound in European Construction in 2021. Summary Report

  • Euroconstruct (Euroconstruct)

The recovery of the European construction industry is more rapid than initially expected, with much of the losses from the Corona pandemic expected to be recovered in 2021. According to the latest estimates, construction volume in the Euroconstruct area will grow by 3.8 percent in 2021, following a slump of 5.1 percent in 2020. Compared to the previous forecasts, the decline in 2020 was less than expected, and the pre-crisis level will thus be reached again by 2022 at the latest. Against the backdrop of significantly more favourable economic conditions in the EC-19, the construction industry is also benefitting from an overall rapid economic recovery. Unlike the past years, however, the construction industry will show a lower growth dynamic than the overall economy from 2022 onwards: while the growth rates of the construction industry in 2022 and 2023 will be 3.0 percent and 2.1 percent, the economies of the EC-19 will expand by 4.4 percent and 2.0 percent. – Detailed results and forecasts were presented to a professional audience at the 91st Euroconstruct Conference held as a webinar, on 10 to 11 June 2021. The Euroconstruct Summary Report provides a macroeconomic analysis and an overview of the European construction industry by sectors (housing, non-residential construction and civil engineering; split in new and renovation, respectively) up to 2023. With contributions by Yngve Abrahamsen, Thomas Endhoven, Michael Klien, Sadia Sheikh and Michael Weingärtler.