Construction in Hungary Market Size Analysis, Strategic Assessment, Market Growth and Forecasts to 2026

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Construction in Hungary - Key Trends and Opportunities to 2025 (H2 2021)

Hungary’s construction industry contracted by 9.4% in 2020, due to the disruption caused by the Coronavirus (COVID-19) outbreak. In the first half of 2021, however, the industry has begun to recover, supported by several government relief packages. Growth in H2 2021 is expected to be strong, supported by EU (European Union) recovery funds. According to the Hungarian Central Statistical Office (KSH), the construction industry’s value add grew by 18.4% year on year (YoY) in the second quarter of 2021, preceded by year-on-year (Y-o-Y) declines of 2.4% in Q1 2021 and 3.9% in Q4 2020.
HTF MI expects the construction industry to stabilize and register growth of 6.2% in 2021, and thereafter record annual average growth of 4.5% between 2022 and 2025, supported by investment in the transport, renewable energy, and manufacturing sectors. The government plans to increase solar capacity from its current 2GW to 3GW by 2022 and 6GW by 2030, increasing the share of renewable energy in the total electricity generation mix to 20% by 2030 and 30% by 2040. With an investment of HUF6 trillion (US$20.7 billion), the government plans to extensively develop Hungary’s railway infrastructure over the next 10 to 15 years. The European Commission is expected to approve HUF2.5 trillion (US$8.8 billion) in grants under Next Generation EU fund for Hungary in November 2021, though payment may be delayed until after the national elections in spring 2022. When approved, the funding will support growth in the institutional, transport and energy sectors significantly until 2026.

A downside risk for the industry is price pressures from a shortage of raw materials, as global economic demand has picked up significantly. According to the National Federation of Hungarian Building Contractors, the price of concrete jumped 16% between January and May 2021. Since last autumn, steel has also become almost three times more expensive, though the recent collapse of iron ore prices may temper this increase. Following the trends in the building materials market, several large raw material factories have been hit hard, with the government imposing a 90% tax on excess profits of some building materials producers to slow rising prices. On a positive note, however, the government aims to increase the volume of domestic production and decrease the dependence on imports and expects demand to strengthen in the long run. The continuation of the two-year Family Housing Renovation Program, in combination with reduced housing VAT, will also soften the negative impact of price rises in the long term.

HTF MI’s Construction in Hungary - Key Trends and Opportunities to 2025 (H2 2021) report provides detailed market analysis, information, and insights into Hungary’s construction industry, including -
- Hungary’s 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 Hungary’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.

Scope

This report provides a comprehensive analysis of the construction industry in Hungary. It provides -
- Historical (2016-2020) and forecast (2021-2025) valuations of the construction industry in Hungary, 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

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- Formulate and validate strategy using HTF MI's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.

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