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Latvia Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (H2 2024)

Publisher GlobalData
Published Aug 30, 2024
Length 30 Pages
SKU # GBDT19205403

Description

Latvia Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (H2 2024)


Summary

GlobalData’s Construction in Latvia - Key Trends and Opportunities to 2028 (H2 2024) report provides detailed market analysis, information, and insights into Latvia’s construction industry, including -
  • Latvia’s construction industry 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 Latvia’s construction industry
  • Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
GlobalData expects the construction industry in Latvia to shrink by 6% in real terms in 2024, owing to headwinds such as falling building construction activity, falling exports, and rising construction and labor costs. According to the Central Statistical Bureau (CSB), the overall construction cost index grew by 2% year-on-year (YoY) in the first half of 2024, with the average index of measuring the labor remuneration of construction workers growing by 6.5% YoY over the same period. Residential construction, which accounted for 15% of the industry’s overall value in 2023, is expected to be the most affected in 2024, owing to a sharp fall in residential building permits and high house prices. According to the CSB, the total number of permits issued for residential buildings declined by 8.3% YoY in the first three months of 2024, preceded by an annual decline of 6.5% in 2023.

Forecast-period growth in the industry will also be supported by European Union (EU) recovery funds. The European Commission approved the second payment of EUR336 million ($356.2 million) under Latvia’s Recovery and Resilience Plan, in May 2024. The country is also expected to receive EUR660 million ($699.6 million) by 2024 and EUR820 million ($869.2 million) by 2025. The country has approved programmes for increasing energy efficiency for both residential buildings and companies, and planned the construction of almost 700 energy-efficient low-rent apartments.

Scope

This report provides a comprehensive analysis of the construction industry in Latvia. It provides -
  • Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Latvia, 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

30 Pages
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Latest news and developments
4 Project analytics
5 Construction Market Data
6 Risk Profile
7 Appendix
7.1 Definitions
7.2 CRI Methodology
7.3 About GlobalData
Contact Us
List of Tables
Table 1: Construction Industry Key Data
Table 2: Latvia, Top Construction Projects by Value
Table 3: Latvia, Construction Output Value (Real, $ Million)
Table 4: Latvia, Construction Output Value (Nominal, EUR Million)
Table 5: GlobalData Construction Market Definitions
Table 6: Risk Dimensions
Table 7: Ratings, Scores and Definitions
List of Figures
Figure 1: Latvia, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2019-28
Figure 2: Latvia, Construction Output Value, by Sector (Real, $ Million), 2019-28
Figure 3: Eastern Europe, Construction Output (Real % Change), 2022-28
Figure 4: Latvia, Construction Output by Sector (Real % Change), 2022-24 and 2025-28
Figure 5: Latvia, Construction Value Add (Constant 2015 Prices, EUR Million)
Figure 6: Latvia, Volume of Construction Output, In Current Prices, % Change YoY
Figure 7: Latvia, Construction Cost Index, 2021=100
Figure 8: Latvia, Number of Permits Issued for Office Buildings
Figure 9: Latvia, Number of Permits Issued for Hotels, Wholesale, and Retail Buildings
Figure 10: Latvia, Non-Resident Visitor Arrivals, In Thousands
Figure 11: Latvia, Value Add of Accommodation, Food Services, Arts, Entertainment, and Recreation Activities, in Constant 2015 Prices, % Change YoY
Figure 12: Latvia, Manufacturing Value Add (Constant 2015 Prices, EUR Million)
Figure 13: Latvia, Total Exports, In EUR Million
Figure 14: Latvia, Industrial and Manufacturing Production Volume Indices, 2015=100, Seasonally Adjusted Data, % Change YoY
Figure 15: Latvia, Volume of Construction Output of Roads and Railways (Current Prices)
Figure 16: Latvia, Volume of Construction of Utility Projects for Electricity and Telecommunications, In Current Prices
Figure 17: Latvia, Total Gross Electricity Production and Electricity Consumption, in Million Kwh
Figure 18: Latvia, Value Add of Education, Health, and Social Care Services, In Constant 2015 Prices, % Change YoY
Figure 19: Latvia, Value Add of Real Estate Activities (Constant 2015 Prices, EUR Million)
Figure 20: Latvia, Number of Permits Approved for Residential Buildings
Figure 21: Latvia, New Business Loans to Households for House Purchase, In EUR Million
Figure 22: Latvia, House Price Index (HPI), 2015=100
Figure 23: Latvia, Construction Cost Index for New Residential Buildings, 2015=100
Figure 24: Latvia, Construction Projects Pipeline, Value by Stage ($ Million)

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