Summary

Following two years of contraction, the Belgian construction industry finally rebounded in 2018, with an annual growth rate of 1.2% in real terms. This recovery is expected to continue in 2019 and through the forecast period (2019-2023), in line with the pick-up of economic growth and the government’s investment in transport and energy infrastructure. According to Statistics Belgium, the total public and private sector investment in the construction industry grew by 8.2%, going from EUR3.4 billion (US$3.8 billion) in 2017 to EUR3.6 billion (US$4.2 billion) in 2018; this was preceded by an annual decline of 1.8% in 2017 and 0.9% in 2016.

Over the forecast period, the industry’s expansion is expected to be supported by investments in energy and commercial developmental projects, as well as rising exports. Moreover, the expanding tourism sector, coupled with low housing loan interest rates, is expected to support industry growth over the forecast period. In real terms, it is expected that industry output to record a compound annual growth rate (CAGR) of 2.45% over the forecast period, which is up from 0.49% during the review period (2014-2018). Consequently, the Belgian construction industry is expected to grow from US$82.9 billion in 2018 to US$93.5 billion in 2023 (in real terms and measured at constant 2017 US dollar exchange rates).

Accounting for 43.7% of the total industry’s value in 2018, residential construction was the largest market in the construction industry during the review period. The market is expected to retain its position over the forecast period, and account for 41.2% of the industry’s total value in 2023. Infrastructure construction accounted for 20.1% of the industry’s total output in 2018, followed by commercial construction with 16.6%, institutional construction with 7.1%, industrial construction with 6.5% and energy and utilities construction with 5.9%.

The total construction project pipeline in Belgium including all mega projects with a value above US$25 million - stands at EUR40 billion (US$47.1 billion). The pipeline, which includes all projects from pre-planning to execution, is skewed towards late-stage projects, with 63.6% of the pipeline value being in projects in the pre-execution and execution stages as of November 2019.

The report “Construction in Belgium - Key Trends and Opportunities to 2023” provides detailed market analysis, information and insights into the Belgian construction industry, including:

  • Historical (2014-2018) and forecast (2019-2023) valuations of the construction industry in Belgium, 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




Scope

This report provides a comprehensive analysis of the construction industry in Belgium. It provides -

  • Historical (2014-2018) and forecast (2019-2023) valuations of the construction industry in Belgium, 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.
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  • Assess business risks, including cost, regulatory and competitive pressures.
  • Evaluate competitive risk and success factors.