From 2013 to 2023, the production value of building projects in Belgium increased from 3.55 billion to 6.13 billion Euros. The sector experienced significant growth, especially during 2014 and 2017, each with a year-on-year increase of over 16%. The overall Compounded Annual Growth Rate (CAGR) fluctuated, reaching a high of 12.02% in 2013 but declining to 3.61% by 2023. The past two years witnessed growth rates of 3.64% in 2022 and 3.48% in 2023, indicating steady but moderate growth.
Looking forward, forecasts predict continued growth with the projected production value reaching 7.13 billion Euros by 2028. The forecasted 5-year CAGR is estimated at 2.4%, with an expected overall growth rate of 12.56%. These projections suggest a more moderate but stable upward trend in the coming years.
Future trends to watch for:
- Impact of sustainable and green building practices on market growth.
- Increased digitalization and use of advanced technologies in construction processes.
- Economic factors and policy changes impacting the construction sector.
