Romanian Construction Industry - Key Trends and Opportunities to 2021
The construction industry is expected to continue to expand in real terms over the forecast period (2017 2021), driven by the governments focus on the development of transport infrastructure, energy and utilities facilities, and affordable housing.
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Under the General Transport Master Plan of Romania (GTMP), the government plans to spend RON61.1 trillion (US$15.2 trillion) on the development of roads, rail, ports, airports and other transport infrastructure in the country by 2030.
In real terms, the industry's output value is forecast to rise at a compound annual growth rate (CAGR) of 4.35% over the forecast period, compared to 4.52% during the review period.
Timetrics Construction in Romania Key Trends and Opportunities to 2021 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
Analysis of equipment, material and service costs for each project type in Romania
Critical insight into the impact of industry trends and issues, and the risks and opportunities they present to participants in the Romanian construction industry
Profiles of the leading operators in the Romanian construction industry
This report provides a comprehensive analysis of the construction industry in Romania. It provides:
- Historical (2012-2016) and forecast (2017-2021) valuations of the construction industry in Romania using construction output and value-add methods
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by project type
- Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)
- Analysis of key construction industry issues, including regulation, cost management, funding and pricing
- Detailed profiles of the leading construction companies in Romania
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- Identify and evaluate market opportunities using Timetric's standardized valuation and forecasting methodologies.
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- Formulate and validate strategy using Timetric's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
With robust and modern infrastructure vital to economic growth and competitiveness, the Romanian government is focusing on infrastructure development. Accordingly, under the GTMP, the government plans to spend RON194.4 billion (US$48.4 billion) to build 6,800km of roads, 5,000km of railway lines, 12 airports and 32 seaports by 2020.
The governments plan to provide affordable houses to the middle- and low-income population is expected to drive growth in the residential construction market over the forecast period. Under the Rental Housing Construction for Young People 2016 2020, the government plans to spend RON781.6 million (US$194.6 million) to build 6,990 units of affordable houses with an aim to provide houses to 10,500 middle- and low-income citizens by 2020.
Declining housing loan interest rates are expected to drive growth in the residential construction market over the forecast period. According to the National Bank of Romania, the average one-year home loan interest rate decreased from 8.4% per annum in 2015 to 6.7% per annum in 2016. Moreover, during the first quarter of 2017, it declined from 7.4% per annum in January March 2016 to 6.5% per annum January March 2017.
The government plans to reduce imports of natural gas, and aims to produce 100% of its total gas consumption domestically by 2020. Accordingly, the government is focusing on constructing energy infrastructure in the country. Under the National Energy Strategy 2020, it plans to invest RON449.0 billion (US$111.8 billion) to build new infrastructure to increase gas production capacity by 2020.
The commercial construction market is expected to benefit from rising retail trade. According to the Institutul Naional de Statistic (INS), the country's retail trade turnover value index increased by 10.7% from 131.6 in 2015 to 145.7 in 2016. This was preceded by annual growth rates of 5.0%, 7.7% and 1.7% in 2015, 2014 and 2013 respectively. Moreover, it increased by 7.1% during the first two months of 2017 from 118.6 in January February 2016 to 127.0 in January February 2017.
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