Construction Industry Trends for the New Year
Today’s trends for the construction industry in Europe plays an important role in how relevant companies and businesses perform in 2020. This is one of the most diverse industries because it has a direct connection to both residential houses, as well as, commercial construction. These also have an impact on the communities that construction projects take place in.
According to various real estate corporations, current trends in the construction industry show that there has been increased year-over-year since 2014. Numbers for growth and expansion in construction sectors are likely to continue through 2023. These figures focus on both the volume of construction projects and their overall value, which affects 40+ segments of the industry’s markets.
Increasing Job Opportunities
Studies have shown that due to trend expectations there will likely be continued growth as it relates to increased jobs in the construction. In 2016, studies showed that there were at least 4.82 million workers in this field of focus alone. These are workers who also participate in residential buildings and commercial buildings.
Benefits from the Economy
There are typically other factors that help to enhance growth in an industry. This is certainly true when it comes to construction. The economy in Europe is one example in this category that has influenced growth. Low-interest rates and stable overall growth have made it possible for this type of growth. Along with this public and private sector investment has served as additional benefits, linked to the economy.
Importance of Confidence
Another critical thing to consider for any industry is whether or not it enjoys confidence. Statistics that focused on construction in July 2018 showed an average confidence level of 3.5%. There are 5 regular industry surveys and one quarterly survey. These took into consideration various factors and also categories, such as civil engineering, building construction, and specialty construction.
Encompassing Other Sectors
Most people easily see the connection between the construction industry and residential and commercial properties. There are other sectors that are enabled by the work that the industry specializes in. Infrastructure is one of those that are expected to see a shift in growth, as well as various types of projects depending on regional opportunities.
Accommodate New Residences
New residents, in any portion of Europe who are interested in buying homes, present specific opportunities to the construction industry. There are locations throughout the continent that have seen and continue to see this type of growth. Numbers in 2014 in some of these locations were 84+K and increase in 2017 to 99+K for newly constructed homes.
Non-Residential Building Opportunities
There are usually direct correlations between growth in residential purchases and business overall. This means that it is likely to mean that commercial buildings and structures are needed when there are more home buyers. Non-residential building opportunities are expected to grow significantly during the period of 2019-2023.
There are many sectors that are impacted by the growth or lack of growth in this industry. This spreads out from the actual construction to material suppliers, vendors, and merchandisers. When there is sustained growth in the broader industry, these sectors tend to see their own amount of growth and productivity.