Construction in Romania-Key Trends and Opportunities to 2022

Construction in Romania-Key Trends and Opportunities to 2022


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Executive Summary

Construction in Romania-Key Trends and Opportunities to 2022

Summary

Construction activity in Romania was weak throughout 2017, due to low investment in infrastructure projects on the back of political uncertainty and delayed structural reforms. Consequently, the industry's output value registered a decline of 1.2% in real terms in 2017, which was preceded by an average annual growth of 5.8% during 2013-2016.

The industry is expected to recover in 2018, however, with growth continuing through the remainder of the forecast period (2018-2022), supported by a revival in public sector investment in transport, residential and commercial construction projects, coupled with financial assistance provided by the European Union (EU) to develop the country's overall infrastructure. Additionally, the ongoing 2014-2020 Large Infrastructure Operational Program-under which RON45.3 billion (USD 11.3 billion) is being invested until 2020 to develop the country's transport and energy infrastructure-is expected to support growth.

The industry's output value in real terms increased at a compound annual growth rate (CAGR) of 4.42% in the review period (2013-2017), and is expected to post a forecast-period CAGR of 3.35%.

Timetric's Construction in Romania-Key Trends and Opportunities to 2022 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

- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Romanian construction industry

- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Key Highlights

- Timetric expects the residential construction market to retain its leading position over the forecast period, with a share of 45.9% of the industry's total value in 2022, supported by rising residential building permits and new housing financial aid being offered by the government. Accordingly, the government announced plans to provide RON2.0 billion (USD 512.6 million) as mortgage loans throughout 2018 under the First House lending program.

- In October 2017, the European Investment Bank (EIB) announced plans to provide support to over 300 start-ups and small and medium scale enterprises in the country by financing 60.0% of the investment needed to initiate a new project. This is expected to add pace to the development of new industrial projects over the forecast period.

- Timetric expects the infrastructure construction market output to record a forecast-period CAGR of 9.89% in nominal terms, supported by the government's effort to upgrade the country's transport infrastructure to enhance regional connectivity and reduce traffic congestion. Accordingly, under the 2018 budget, the government allocated RON9.1 billion (USD 2.4 billion) to develop the country's transport infrastructure.

- In July 2017, the European Union (EU) announced plans to invest RON8.1 billion (USD 2.0 billion) to develop various transport infrastructure projects in the country by 2020. Moreover, in November 2017, the EU granted a loan worth RON1.2 billion (USD 301.0 million) to develop the national road E79 project, which will connect Romania with Hungary, Greece and Bulgaria, as well as water infrastructure in Vrancea county. These projects are expected to be completed by 2020.

- The total construction project pipeline in Romania, as tracked by the Construction Intelligence Center (CIC), including all mega projects with a value above USD 25 million, stands at RON374.2 billion (USD 92.6 billion). The pipeline is skewed to early-stage projects, which account for 56.5% of the pipeline as of May 2018.

Scope

This report provides a comprehensive analysis of the construction industry in Romania. It provides-

- Historical (2013-2017) and forecast (2018-2022) valuations of the construction industry in Romania, 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 Timetric'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 Timetric's critical and actionable insight.

- Assess business risks, including cost, regulatory and competitive pressures.

- Evaluate competitive risk and success factors.



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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

7.3 About Timetric

7.4 About The Construction Intelligence Center

7.5 Disclaimer

List of Tables

Figure 1: Key Markets, Construction Output Growth Matrix and Risk Matrix

Figure 2: Romania, Construction Projects Pipeline by Sector (RON Million)

Figure 3: Romania, Construction Work Index

Figure 4: Romania, Total Number of Building Permits Issued (Units, Number)

Figure 5: Romania, Retail Trade Turnover Volume Index

Figure 6: Romania, Risk Comparison, Q1 2018

Figure 7: Romania, Risk Comparison Review

Figure 8: Romania, Construction Output Value (Real, USD billion, 2017 prices and exchange rate)

Figure 9: Romania, Construction Output Value, Growth Matrix

Figure 10: Romania, Construction Output Value, by Sector (RON Million), 2013-2022

Figure 11: Romania, Construction Projects Pipeline, Projected Annual Spending by Stage (RON Million), 2017-2022

Figure 12: Romania, Construction Projects Pipeline, Value by Stage (RON Million)

Figure 13: Romania, Commercial Construction Output by Project Type (RON Million), 2013-2022

Figure 14: Romania, Commercial Construction Projects Pipeline, Value by Stage (RON Million)

Figure 15: Romania, Commercial Construction Projects Pipeline, Projected Annual Spending by Stage (RON Million)

Figure 16: Romania, Industrial Construction Output by Project Type (RON Million), 2013-2022

Figure 17: Romania, Industrial Construction Projects Pipeline, Value by Stage (RON Million)

Figure 18: Romania, Industrial Construction Projects Pipeline, Projected Annual Spending by Stage (RON Million)

Figure 19: Romania, Infrastructure Construction Output by Project Type (RON Million), 2013-2022

Figure 20: Romania, Infrastructure Construction Projects Pipeline, Value by Stage (RON Million)

Figure 21: Romania, Infrastructure Construction Projects Pipeline, Projected Annual Spending by Stage (RON Million)

Figure 22: Romania, Energy and Utilities Construction Output by Project Type (RON Million), 2013-2022

Figure 23: Romania, Energy and Utilities Construction Projects Pipeline, Value by Stage (RON Million)

Figure 24: Romania, Energy and Utilities Construction Projects Pipeline, Projected Annual Spending by Stage (RON Million)

Figure 25: Romania, Institutional Construction Output by Project Type (RON Million), 2013-2022

Figure 26: Romania, Institutional Construction Projects Pipeline, Value by Stage (RON Million)

Figure 27: Romania, Institutional Construction Projects Pipeline, Projected Annual Spending by Stage (RON Million)

Figure 28: Romania, Residential Construction Output by Project Type (RON Million), 2013-2022

Figure 29: Romania, Residential Construction Projects Pipeline, Value by Stage (RON Million)

Figure 30: Romania, Residential Construction Projects Pipeline, Projected Annual Spending by Stage (RON Million)

Figure 31: Romania, Headquarters of Key Contractors (% of Total Project Pipeline)

Figure 32: Romania, Headquarters of Foreign Contractors (% of Project Pipeline with Foreign Contractor)

Figure 33: Romania, Headquarters of Key Consultants (% of Total Project Pipeline)

Figure 34: Romania, Headquarters of Foreign Consultants (% of Project Pipeline with Foreign Consultants)

List of Tables

Table 1: Romania, Key Economic Indicators

Table 2: Romania, Construction Output Value (nominal, RON Million)

Table 3: Romania, Construction Output Value (nominal, USD Million)

Table 4: Romania, Top Commercial Construction Projects by Value

Table 5: Romania, Top Industrial Construction Projects by Value

Table 6: Romania, Top Infrastructure Construction Projects by Value

Table 7: Romania, Top Energy and Utilities Construction Projects by Value

Table 8: Romania, Top Institutional Construction Projects by Value

Table 9: Romania, Top Residential and Mixed-Use Construction Projects by Value

Table 10: Romania, Key Contractors

Table 11: Romania, Key Consultants

Table 12: Timetric Construction Market Definitions

Table 13: Construction Risk Index Ratings and Scores

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Construction, Romanian Construction Industry, Commercial Construction, Institutional Construction, Industrial Construction, Infrastructure Construction, Residential Construction, Energy and Utilities Construction

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