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Synopsis
Portugal’s construction industry has suffered a dramatic decline since the global financial crisis. In real terms, the industry’s output contracted by 6.0% in 2014, following an average annual decline of -10.5% in the preceding four years.

This decline reflected the sharp contraction in Portugal’s economy amid the region-wide financial crisis in the eurozone, and, the collapse in the country’s property market. However, the industry appears to have bottomed out, with initial signs of recovery in early 2015.

The construction industry is expected to record positive growth over the forecast period (2015–2019) with the support of government spending on residential, infrastructure and commercial construction markets and positive developments in domestic and regional economic conditions.

Nevertheless, in real terms the industry will remain way below its pre-crisis highs. In real terms, the industry’s output value is forecast to rise at a compound annual growth rate (CAGR) of just 1.20% over the forecast period; up from -10.76% during the review period (2010–2014).

Summary
Timetric’s Construction in Portugal – Key Trends and Opportunities to 2019 report provides detailed market analysis, information and insights into the Portuguese construction industry, including:

- The Portuguese construction industry's growth prospects by market, project type and type of construction activity

- Analysis of equipment, material and service costs for each project type in Portugal

- Critical insight into the impact of industry trends and issues, and the risks and opportunities they present to participants in the Portuguese construction industry

- Profiles of the leading operators in the Portuguese construction industry.

- Data highlights of the largest construction projects in Portugal

Scope
This report provides a comprehensive analysis of the construction industry in Portugal. It provides:

- Historical (2010-2014) and forecast (2015-2019) valuations of the construction industry in Portugal using construction output and value-add methods

- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by project type

- Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)

- Analysis of key construction industry issues, including regulation, cost management, funding and pricing

- Detailed profiles of the leading construction companies in Portugal

Reasons To Buy
- Identify and evaluate market opportunities using Timetric'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 business strategies using Timetric's critical and actionable insight

- Assess business risks, including cost, regulatory and competitive pressures

- Evaluate competitive risk and success factors

Key Highlights
- The country’s construction industry was subject to major challenges during the review period, as evidenced by a decline in the number of new building permits issued. According to INE, the total number of building permits issued in the country fell by 4.9%, going from 16,253 in 2013 to 15,458 in 2014. This was preceded by annual contractions of 21.8%, 17.0% and 10.5% in 2013, 2012 and 2011 respectively. However, the rate of decline has slowed; in the first quarter of 2015, the total building permits were down by 1.3% compared to the first quarter of 2014.

- In order to improve the country’s infrastructure and transport facilities, the government is focusing more on infrastructure development. In January 2015, the government allocated a EUR1.7 million (US$2.0 million) contract to Opway Engenharia SA to build an 88km single railway track in Aveiro City. In May 2015, the government allocated a EUR6.1 million (US$8.0 million) contract to Isolux Corsan to build a 14.4km Caide train station in Marco de Canaveses City by the end of 2016. In May 2015, the government also allocated a budget of EUR1.9 million (US$2.3 million) to Isolux Corsan for track renewals between Caide and Vila Mea by end of 2016. Efforts such as these will drive transport infrastructure’s forecast-period growth.

- Portugal’s budget deficit, as a percentage of GDP, stood at 7.4% in 2011, 5.6% in 2012, 4.8% in 2013 and 4.5% in 2014, which was well above the EU limit of 3.0%. In February 2015, the government announced its plan to reduce its budget deficit further to 2.7% of GDP in 2015 and 1.7% in 2016. As a result, public spending is expected to remain limited over the forecast period, undermining the construction industry’s growth prospects.

- In order to meet the demand generated from the process of urbanization, the country’s transport infrastructure system requires large investment. Consequently, the Portuguese government is investing in rail and road infrastructure projects and aims to develop its transport infrastructure. Accordingly, under the strategic plan for Transport and Infrastructure 2014–2020 (PETI3+), the government plans to invest EUR2.8 billion (US$4.0 billion) in various rail transport infrastructure projects by 2020.

Table Of Contents

Construction in Portugal - Key Trends and Opportunities to 2019
Table of Contents
1 Executive Summary
2 Industry Outlook
2.1 Commercial Construction
2.2 Industrial Construction
2.3 Infrastructure Construction
2.4 Energy and Utilities Construction
2.5 Institutional Construction
2.6 Residential Construction
3 Key Issues and Developments
4 Market Data Analysis
4.1 Construction Output and Value Add
4.1.1 Construction output by project type
4.1.2 Construction output by cost type
4.1.3 Construction output by activity type
4.1.4 Construction value add by project type
4.2 Commercial Construction
4.2.1 Commercial construction output by project type
4.2.2 Commercial construction output by cost type
4.2.3 Commercial construction output by activity type
4.2.4 Commercial construction value add by project type
4.3 Industrial Construction
4.3.1 Industrial construction output by project type
4.3.2 Industrial construction output by cost type
4.3.3 Industrial construction output by activity type
4.3.4 Industrial construction value add by project type
4.4 Infrastructure Construction
4.4.1 Infrastructure construction output by project type
4.4.2 Infrastructure construction output by cost type
4.4.3 Infrastructure construction output by activity type
4.4.4 Infrastructure construction value add by project type
4.5 Energy and Utilities Construction
4.5.1 Energy and utilities construction output by project type
4.5.2 Energy and utilities construction output by cost type
4.5.3 Energy and utilities construction output by activity type
4.5.4 Energy and utilities construction value add by project type
4.6 Institutional Construction
4.6.1 Institutional construction output by project type
4.6.2 Institutional construction output by cost type
4.6.3 Institutional construction output by activity type
4.6.4 Institutional construction value add by project type
4.7 Residential Construction
4.7.1 Residential construction output by project type
4.7.2 Residential construction output by cost type
4.7.3 Residential construction output by activity type
4.7.4 Residential construction value add by project type
5 Company Profile: Mota-Engil SGPS SA
5.1 Mota-Engil SGPS SA - Company Overview
5.2 Mota-Engil SGPS SA - Main Services
5.3 Mota-Engil SGPS SA - History
5.4 Mota-Engil SGPS SA - Company Information
5.4.1 Mota-Engil SGPS SA - key competitors
5.4.2 Mota-Engil SGPS SA - key employees
6 Company Profile: Martifer SGPS SA
6.1 Martifer SGPS SA - Company Overview
6.2 Martifer SGPS SA - Business Description
6.3 Martifer SGPS SA - Main Products and Services
6.4 Martifer SGPS SA - History
6.5 Martifer SGPS SA - Company Information
6.5.1 Martifer SGPS SA - key competitors
6.5.2 Martifer SGPS SA - key employees
7 Company Profile: Conduril - Engenharia, SA
7.1 Conduril - Engenharia, SA - Company Overview
7.2 Conduril - Engenharia, SA - Main Services
7.3 Conduril - Engenharia, SA - History
7.4 Conduril - Engenharia, SA - Company Information
7.4.1 Conduril - Engenharia, SA - key competitors
7.4.2 Conduril - Engenharia, SA - key employees
8 Company Profile: SDC - Investimentos, SGPS, SA
8.1 SDC - Investimentos, SGPS, SA - Company Overview
8.2 SDC - Investimentos, SGPS, SA - Business Description
8.3 SDC - Investimentos, SGPS, SA - Main Services
8.4 SDC - Investimentos, SGPS, SA - History
8.5 SDC - Investimentos, SGPS, SA - Company Information
8.5.1 SDC - Investimentos, SGPS, SA - key competitors
8.5.2 SDC - Investimentos, SGPS, SA - key employees
9 Company Profile: Teodoro Gomes Alho, SA
9.1 Teodoro Gomes Alho, SA - Company Overview
9.2 Teodoro Gomes Alho, SA - Main Services
9.3 Teodoro Gomes Alho, SA - Company Information
9.3.1 Teodoro Gomes Alho, SA - key competitors
9.3.2 Teodoro Gomes Alho, SA - key employees
10 Appendix
10.1 What is this Report About?
10.2 Definitions
10.3 Methodology
10.4 Contact Timetric
10.5 About Timetric
10.6 Timetric's Services
10.7 Disclaimer

List of Tables
Table 1: Portuguese Construction Output by Project Type (EUR Million), 2010-2014
Table 2: Portuguese Construction Output by Project Type (EUR Million), 2014-2019
Table 3: Portuguese Construction Output by Cost Type (EUR Million), 2010-2014
Table 4: Portuguese Construction Output by Cost Type (EUR Million), 2014-2019
Table 5: Portuguese Construction Output by Activity Type (EUR Million), 2010-2014
Table 6: Portuguese Construction Output by Activity Type (EUR Million), 2014-2019
Table 7: Portuguese Construction Value Add by Project Type (EUR Million), 2010-2014
Table 8: Portuguese Construction Value Add by Project Type (EUR Million), 2014-2019
Table 9: Portuguese Commercial Construction Output by Project Type (EUR Million), 2010-2014
Table 10: Portuguese Commercial Construction Output by Project Type (EUR Million), 2014-2019
Table 11: Portuguese Commercial Construction Output by Cost Type (EUR Million), 2010-2014
Table 12: Portuguese Commercial Construction Output by Cost Type (EUR Million), 2014-2019
Table 13: Portuguese Commercial Construction Output by Activity Type (EUR Million), 2010-2014
Table 14: Portuguese Commercial Construction Output by Activity Type (EUR Million), 2014-2019
Table 15: Portuguese Commercial Construction Value Add by Project Type (EUR Million), 2010-2014
Table 16: Portuguese Commercial Construction Value Add by Project Type (EUR Million), 2014-2019
Table 17: Portuguese Industrial Construction Output by Project Type (EUR Million), 2010-2014
Table 18: Portuguese Industrial Construction Output by Project Type (EUR Million), 2014-2019
Table 19: Portuguese Industrial Construction Output by Cost Type (EUR Million), 2010-2014
Table 20: Portuguese Industrial Construction Output by Cost Type (EUR Million), 2014-2019
Table 21: Portuguese Industrial Construction Output by Activity Type (EUR Million), 2010-2014
Table 22: Portuguese Industrial Construction Output by Activity Type (EUR Million), 2014-2019
Table 23: Portuguese Industrial Construction Value Add by Project Type (EUR Million), 2010-2014
Table 24: Portuguese Industrial Construction Value Add by Project Type (EUR Million), 2014-2019
Table 25: Portuguese Infrastructure Construction Output by Project Type (EUR Million), 2010-2014
Table 26: Portuguese Infrastructure Construction Output by Project Type (EUR Million), 2014-2019
Table 27: Portuguese Infrastructure Construction Output by Cost Type (EUR Million), 2010-2014
Table 28: Portuguese Infrastructure Construction Output by Cost Type (EUR Million), 2014-2019
Table 29: Portuguese Infrastructure Construction Output by Activity Type (EUR Million), 2010-2014
Table 30: Portuguese Infrastructure Construction Output by Activity Type (EUR Million), 2014-2019
Table 31: Portuguese Infrastructure Construction Value Add by Project Type (EUR Million), 2010-2014
Table 32: Portuguese Infrastructure Construction Value Add by Project Type (EUR Million), 2014-2019
Table 33: Portuguese Energy and Utilities Construction Output by Project Type (EUR Million), 2010-2014
Table 34: Portuguese Energy and Utilities Construction Output by Project Type (EUR Million), 2014-2019
Table 35: Portuguese Energy and Utilities Construction Output by Cost Type (EUR Million), 2010-2014
Table 36: Portuguese Energy and Utilities Construction Output by Cost Type (EUR Million), 2014-2019
Table 37: Portuguese Energy and Utilities Construction Output by Activity Type (EUR Million), 2010-2014
Table 38: Portuguese Energy and Utilities Construction Output by Activity Type (EUR Million), 2014-2019
Table 39: Portuguese Energy and Utilities Construction Value Add by Project Type (EUR Million), 2010-2014
Table 40: Portuguese Energy and Utilities Construction Value Add by Project Type (EUR Million), 2014-2019
Table 41: Portuguese Institutional Construction Output by Project Type (EUR Million), 2010-2014
Table 42: Portuguese Institutional Construction Output by Project Type (EUR Million), 2014-2019
Table 43: Portuguese Institutional Construction Output by Cost Type (EUR Million), 2010-2014
Table 44: Portuguese Institutional Construction Output by Cost Type (EUR Million), 2014-2019
Table 45: Portuguese Institutional Construction Output by Activity Type (EUR Million), 2010-2014
Table 46: Portuguese Institutional Construction Output by Activity Type (EUR Million), 2014-2019
Table 47: Portuguese Institutional Construction Value Add by Project Type (EUR Million), 2010-2014
Table 48: Portuguese Institutional Construction Value Add by Project Type (EUR Million), 2014-2019
Table 49: Portuguese Residential Construction Output by Project Type (EUR Million), 2010-2014
Table 50: Portuguese Residential Construction Output by Project Type (EUR Million), 2014-2019
Table 51: Portuguese Residential Construction Output by Cost Type (EUR Million), 2010-2014
Table 52: Portuguese Residential Construction Output by Cost Type (EUR Million), 2014-2019
Table 53: Portuguese Residential Construction Output by Activity Type (EUR Million), 2010-2014
Table 54: Portuguese Residential Construction Output by Activity Type (EUR Million), 2014-2019
Table 55: Portuguese Residential Construction Value Add by Project Type (EUR Million), 2010-2014
Table 56: Portuguese Residential Construction Value Add by Project Type (EUR Million), 2014-2019
Table 57: Mota-Engil SGPS SA, Key Facts
Table 58: Mota-Engil SGPS SA, Main Services
Table 59: Mota-Engil SGPS SA, History
Table 60: Mota-Engil SGPS SA, Key Employees
Table 61: Martifer SGPS SA, Key Facts
Table 62: Martifer SGPS SA, Main Products and Services
Table 63: Martifer SGPS SA, History
Table 64: Martifer SGPS SA, Key Employees
Table 65: Conduril - Engenharia, SA, Key Facts
Table 66: Conduril - Engenharia, SA, Main Services
Table 67: Conduril - Engenharia, SA, History
Table 68: Conduril - Engenharia, SA, Key Employees
Table 69: SDC - Investimentos, SGPS, SA, Key Facts
Table 70: SDC - Investimentos, SGPS, SA, Main Services
Table 71: SDC - Investimentos, SGPS, SA, History
Table 72: SDC - Investimentos, SGPS, SA, Key Employees
Table 73: Teodoro Gomes Alho, SA, Key Facts
Table 74: Teodoro Gomes Alho, SA, Main Services
Table 75: Teodoro Gomes Alho, SA, Key Employees
Table 76: Timetric Construction Market Definitions

List of Figures
Figure 1: Portuguese Construction Output (Real US$ 2010, Million), 2010-2019
Figure 2: Growth Matrix for Construction Output in Portugal (US$ Million), 2010-2019
Figure 3: Portuguese Construction Output by Project Type (EUR Million), 2010-2019
Figure 4: Portuguese Construction Output by Cost Type (EUR Million), 2010-2019
Figure 5: Portuguese Construction Output by Activity Type (EUR Million), 2010-2019
Figure 6: Portuguese Construction Value Add by Project Type (EUR Million), 2010-2019
Figure 7: Portuguese Commercial Construction Output by Project Type (EUR Million), 2010-2019
Figure 8: Portuguese Commercial Construction Output by Cost Type (EUR Million), 2010-2019
Figure 9: Portuguese Commercial Construction Output by Activity Type (EUR Million), 2010-2019
Figure 10: Portuguese Commercial Construction Value Add by Project Type (EUR Million), 2010-2019
Figure 11: Portuguese Industrial Construction Output by Project Type (EUR Million), 2010-2019
Figure 12: Portuguese Industrial Construction Output by Cost Type (EUR Million), 2010-2019
Figure 13: Portuguese Industrial Construction Output by Activity Type (EUR Million), 2010-2019
Figure 14: Portuguese Industrial Construction Value Add by Project Type (EUR Million), 2010-2019
Figure 15: Portuguese Infrastructure Construction Output by Project Type (EUR Million), 2010-2019
Figure 16: Portuguese Infrastructure Construction Output by Cost Type (EUR Million), 2010-2019
Figure 17: Portuguese Infrastructure Construction Output by Activity Type (EUR Million), 2010-2019
Figure 18: Portuguese Infrastructure Construction Value Add by Project Type (EUR Million), 2010-2019
Figure 19: Portuguese Energy and Utilities Construction Output by Project Type (EUR Million), 2010-2019
Figure 20: Portuguese Energy and Utilities Construction Output by Cost Type (EUR Million), 2010-2019
Figure 21: Portuguese Energy and Utilities Construction Output by Activity Type (EUR Million), 2010-2019
Figure 22: Portuguese Energy and Utilities Construction Value Add by Project Type (EUR Million), 2010-2019
Figure 23: Portuguese Institutional Construction Output by Project Type (EUR Million), 2010-2019
Figure 24: Portuguese Institutional Construction Output by Cost Type (EUR Million), 2010-2019
Figure 25: Portuguese Institutional Construction Output by Activity Type (EUR Million), 2010-2019
Figure 26: Portuguese Institutional Construction Value Add by Project Type (EUR Million), 2010-2019
Figure 27: Portuguese Residential Construction Output by Project Type (EUR Million), 2010-2019
Figure 28: Portuguese Residential Construction Output by Cost Type (EUR Million), 2010-2019
Figure 29: Portuguese Residential Construction Output by Activity Type (EUR Million), 2010-2019
Figure 30: Portuguese Residential Construction Value Add by Project Type (EUR Million), 2010-2019

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