The evolution of business expenditure on R&D in construction in Belgium shows a fluctuating trend from 2013 to 2023, with an initial decline in 2014 followed by substantial increases and intermittent decreases. Notable spikes include 2019 and 2021, reflecting significant investments during those years. In 2023, the expenditure stood at 124.32 million euros, an 8.3% increase compared to the previous year. The past five years display a compound annual growth rate (CAGR) of 7.11%, indicating strong overall growth despite some annual variability.
Forecasts for 2024 and beyond suggest steady growth in R&D expenditure, projecting a 3.6% CAGR over the next five years and an overall growth rate of 19.35% by 2028. This indicates a positive and consistent investment outlook in the construction sector's R&D activities.
Future trends to watch for include:
- Technological advancements and digital transformation driving higher R&D investment.
- Government policies and incentives encouraging sustainable construction practices.
- Increased focus on innovation to address emerging challenges in the construction industry.
- Global economic conditions influencing investment capacities and priorities.
