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Construction in Romania - Key Trends and Opportunities to 2023

Construction in Romania - Key Trends and Opportunities to 2023

  • May 2019
  • 52 pages
  • ID: 5779506
  • Format: PDF
  • By GlobalData

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Construction in Romania - Key Trends and Opportunities to 2023

Summary
GlobalData’s Construction in Romania - Key Trends and Opportunities to 2023 report provides detailed market analysis, information and insights into the Romanian construction industry, including:

- The Romanian construction industry’s growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Romanian construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Construction activity in Romania was weak in 2017 and 2018, due to low public and private sector investments in construction projects, weak consumer and investor confidence and a reduction in fixed capital formation. Consequently, the construction industry contracted by 1.3% and 5.8% in real terms in 2017 and 2018 respectively.

The Romanian construction industry is expected to recover in 2019, with the industry’s output expected to register a growth of 1.3% in real terms that year. The industry has got off to a good start in 2019; in the first two months of the year (the latest data available at the time of writing), construction works index grew by 4.8% year-on-year, with new construction growing by 8.7% year-on-year.

This momentum is expected to continue throughout the early part of the forecast period (2019-2023), supported by a revival in public sector investments in infrastructure, coupled with financial assistance provided by the European Union (EU) to develop the country’s overall infrastructure.The industry’s output is also expected to be supported by improvements in business confidence over the forecast period, which will drive investment in infrastructure, commercial and residential projects and energy infrastructure.

In the 2019 draft budget, the government announced plans to allocate RON11.6 billion (US$2.9 billion) to the Ministry of Transport. The focus on the development of renewable energy infrastructure is also expected to drive industry growth.

The industry’s output value in real terms is expected to post a compound annual growth rate (CAGR) of 3.37% over the forecast period.

Key Highlights
- GlobalData expects the residential construction market to account for 30.6% of the industry’s total value in 2023, driven by public and private sector investments in the construction of new residential buildings, in order to meet the demand for housing. The government plans to construct 6,990 affordable housing units under the Rental Housing Construction for Young People Program 2016-2020.
- Infrastructure construction market’s forecast-period growth will be driven by the government’s plan to develop and modernize the country’s transport infrastructure. The government is focusing on developing transport infrastructure to improve the mobility of people and services, support economic growth and decrease transport costs. An investment of RON167.3 billion (US$42.4 billion) is required until 2030 to expand and upgrade the country’s transport infrastructure.
- GlobalData expects the energy and utilities construction market to register a forecast-period CAGR of 11.36% in nominal terms in 2023, driven by the government’s focus on renewable energy. The government aims to generate 27.9% of the country’s total energy consumption through renewable sources by 2030 under the draft National Energy and Climate Plan
- The Romanian construction industry is expected to be supported by EU funds to help develop the country’s overall infrastructure. In April 2019, the European Commission approved investment worth RON9.3 billion (US$2.3 billion) under the EU Cohesion Policy to develop infrastructure in Romania. Accordingly, various projects will be implemented across the country in the areas of transport, energy, health education, water, housing, communication and welfare development.
- The total construction project pipeline in Romania - as tracked by GlobalData, and including all mega projects with a value above US$25 million - stands at RON406.5 billion (US$103.1 billion). The pipeline, which includes all projects from pre-planning to execution, is skewed towards early-stage projects, with 60.4% of the pipeline value being in projects in the pre-planning and planning stages as of May 2019.

Scope
This report provides a comprehensive analysis of the construction industry in Romania.

It provides -
- Historical (2014-2018) and forecast (2019-2023) valuations of the construction industry in Romania, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants

Reasons to buy
- Identify and evaluate market opportunities using GlobalData’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 strategy using GlobalData’s critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.

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