Forecast: Production Value of Construction Services in Spain

The production value of construction services in Spain has fluctuated significantly over the past decade, standing at €21.79 billion in 2023. From 2013 to 2023, the market saw considerable variances, with peaks and declines influenced by various economic factors. Notable changes include a substantial increase in 2018 by 22.95% and a significant decrease in 2019 by 11.98%. The overall trend since 2018 shows a gradual decline, with the average annual decrease (CAGR) over the past five years being -6.29%.

The forecasted values from 2024 onwards indicate a continue downward trend, with yearly decreases projected to average -8.75% (CAGR). By 2028, the production value is expected to decline by approximately 36.72% from its 2023 level, showcasing a challenging outlook for the industry.

Future trends to watch for:

• Economic recovery or recession impacts, which could either slow down or accelerate the decline.
• Government infrastructure spending and policies aimed at revitalizing the sector.
• Technological advancements and efficiency improvements in construction methods.
• Climate change regulations and their effects on construction practices and costs.
• Potential increases in private sector investment or international interest in the Spanish construction market.