The recently published Global Construction Futures Report, produced by Oxford Economics, predicts that after a decade of lacklustre growth, Western European construction markets which were resilient during the pandemic and have avoided the sharp downdraft in the housing market witnessed in North America. As a result, Western Europe has reclaimed its historical position as the second-largest construction market after Emerging Asia, accounting for just under a fifth of total construction work done globally. And in Eastern Europe the construction market is expected to grow more than US$180 billion by 2037, a 40% increase from 2022, fuelled partly from reconstruction of damaged infrastructure in Ukraine and the rebuilding of affected areas of Turkey post the devastating Earthquakes of 2023.

This address will provide a detailed forecast for the European construction market together with providing insight to the drivers and challenges firms can expect.