Construction in Belgium - Key Trends and Opportunities to 2023

Construction in Belgium - Key Trends and Opportunities to 2023

Summary

Following two years of contraction, the Belgian construction industry finally rebounded in 2018, with an annual growth rate of 1.2% in real terms. This recovery is expected to continue in 2019 and through the forecast period (2019-2023), in line with the pick-up of economic growth and the government’s investment in transport and energy infrastructure. According to Statistics Belgium, the total public and private sector investment in the construction industry grew by 8.2%, going from EUR3.4 billion (US$3.8 billion) in 2017 to EUR3.6 billion (US$4.2 billion) in 2018; this was preceded by an annual decline of 1.8% in 2017 and 0.9% in 2016.

Over the forecast period, the industry’s expansion is expected to be supported by investments in energy and commercial developmental projects, as well as rising exports. Moreover, the expanding tourism sector, coupled with low housing loan interest rates, is expected to support industry growth over the forecast period. In real terms, it is expected that industry output to record a compound annual growth rate (CAGR) of 2.45% over the forecast period, which is up from 0.49% during the review period (2014-2018). Consequently, the Belgian construction industry is expected to grow from US$82.9 billion in 2018 to US$93.5 billion in 2023 (in real terms and measured at constant 2017 US dollar exchange rates).

Accounting for 43.7% of the total industry’s value in 2018, residential construction was the largest market in the construction industry during the review period. The market is expected to retain its position over the forecast period, and account for 41.2% of the industry’s total value in 2023. Infrastructure construction accounted for 20.1% of the industry’s total output in 2018, followed by commercial construction with 16.6%, institutional construction with 7.1%, industrial construction with 6.5% and energy and utilities construction with 5.9%.

The total construction project pipeline in Belgium including all mega projects with a value above US$25 million - stands at EUR40 billion (US$47.1 billion). The pipeline, which includes all projects from pre-planning to execution, is skewed towards late-stage projects, with 63.6% of the pipeline value being in projects in the pre-execution and execution stages as of November 2019.

The report “Construction in Belgium - Key Trends and Opportunities to 2023” provides detailed market analysis, information and insights into the Belgian construction industry, including:

  • Historical (2014-2018) and forecast (2019-2023) valuations of the construction industry in Belgium, 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
Scope

This report provides a comprehensive analysis of the construction industry in Belgium. It provides -
  • Historical (2014-2018) and forecast (2019-2023) valuations of the construction industry in Belgium, 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.


Table of Contents
1 Executive Summary
2 Construction Outlook: At-a-glance
3 Latest News and Indicators
4 Key Drivers and Risks
4.1. Economic Performance
4.2. Political Environment
4.3. Demographics
4.4. Risk Profile
5 Construction Outlook
5.1. All Construction
5.1.1. Outlook
5.1.2. Project analytics
5.2. Commercial Construction
5.2.1. Outlook
5.2.2. Project analytics
5.3. Industrial Construction
5.3.1. Outlook
5.3.2. Project analytics
5.4. Infrastructure Construction
5.4.1. Outlook
5.4.2. Project analytics
5.5. Energy and Utilities Construction
5.5.1. Outlook
5.5.2. Project analytics
5.6. Institutional Construction
5.6.1. Outlook
5.6.2. Project analytics
5.7. Residential Construction
5.7.1. Outlook
5.7.2. Project analytics
6 Key Industry Participants
6.1. Contractors
6.2. Consultants
7 Appendix
7.1. What is this Report About?
7.2. Definitions
8 About GlobalData
8.1. GlobalData at a Glance
8.2. GlobalData Construction
8.3. Disclaimer
8.4. Contact Us
List of Tables
Table 1: Construction Outlook
Table 2: Belgium, Key Economic Indicators
Table 3: Belgium, Construction Output Value (nominal, EUR Million)
Table 4: Belgium, Construction Output Value (nominal, US$ Million)
Table 5: Belgium, Top Commercial Construction Projects by Value
Table 6: Belgium, Top Industrial Construction Projects by Value
Table 7: Belgium, Top Infrastructure Construction Projects by Value
Table 8: Belgium, Top Energy and Utilities Construction Projects by Value
Table 9: Belgium, Top Institutional Construction Projects by Value
Table 10: Belgium, Top Residential and Mixed-Use Construction Projects by Value
Table 11: Belgium, Key Contractors
Table 12: Belgium, Key Consultants
Table 13: GlobalData Construction Market Definitions
Table 14: Construction Risk Index Ratings and Scores
List of Figures
Figure 1: Key Markets, Construction Output Growth Matrix and Risk Matrix
Figure 2: Belgium, Construction Projects Pipeline by Sector (EUR Billion)
Figure 3: Belgium, Housing Price Index
Figure 4: Belgium, Residential Permits (Total Numbers)
Figure 5: Belgium, Risk Profile
Figure 6: Belgium, Risk Comparison
Figure 7: Belgium, Construction Output Value (Real, US$ billion, 2017 prices and exchange rate)
Figure 8: Belgium, Construction Output Value, Growth Matrix
Figure 9: Belgium, Construction Output Value, by Sector (EUR Million), 2014-2023
Figure 10: Belgium, Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2018-2023
Figure 11: Belgium, Construction Projects Pipeline, Value by Stage (EUR Million)
Figure 12: Belgium, Commercial Construction Output by Project Type (EUR Million), 2014-2023
Figure 13: Belgium, Commercial Construction Projects Pipeline, Value by Stage (EUR Million)
Figure 14: Belgium, Commercial Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2018-2023
Figure 15: Belgium, Industrial Construction Output by Project Type (EUR Million), 2014-2023
Figure 16: Belgium, Industrial Construction Projects Pipeline, Value by Stage (EUR Million)
Figure 17: Belgium, Industrial Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2018-2023
Figure 18: Belgium, Infrastructure Construction Output by Project Type (EUR Million), 2014-2023
Figure 19: Belgium, Infrastructure Construction Projects Pipeline, Value by Stage (EUR Million)
Figure 20: Belgium, Infrastructure Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2018-2023
Figure 21: Belgium, Energy and Utilities Construction Output by Project Type (EUR Million), 2014-2023
Figure 22: Belgium, Energy and Utilities Construction Projects Pipeline, Value by Stage (EUR Million)
Figure 23: Belgium, Energy and Utilities Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2018-2023
Figure 24: Belgium, Institutional Construction Output by Project Type (EUR Million), 2014-2023
Figure 25: Belgium, Institutional Construction Projects Pipeline, Value by Stage (EUR Million)
Figure 26: Belgium, Institutional Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2018-2023
Figure 27: Belgium, Residential Construction Output by Project Type (EUR Million), 2014-2023
Figure 28: Belgium, Residential Construction Projects Pipeline, Value by Stage (EUR Million)
Figure 29: Belgium, Residential Construction Projects Pipeline, Projected Annual Spending by Stage (EUR Million), 2018-2023
Figure 30: Belgium, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 31: Belgium, Headquarters of Foreign Contractors (% of Project Pipeline with Foreign Contractor)
Figure 32: Belgium, Headquarters of Key Consultants (% of Total Project Pipeline)
Figure 33: Belgium, Headquarters of Foreign Consultants (% of Project Pipeline with Foreign

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