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Construction in Hungary - Key Trends and Opportunities to 2022

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Construction in Hungary - Key Trends and Opportunities to 2022


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Construction in Hungary - Key Trends and Opportunities to 2022



Executive Summary

Construction in Hungary-Key Trends and Opportunities to 2022

Summary

Following a period of negative growth during 2016, the Hungarian construction industry recovered in 2017, supported by positive developments in regional economic conditions, a revival in both investor and consumer confidence and government investment in transport infrastructure. Consequently, the country's construction industry registered growth of 31.6% in 2017 in real terms.

The government's efforts to enhance transport and tourism infrastructure, coupled with financial assistance from the European Union (EU) for infrastructure development will support the growth of the industry over the forecast period (2018-2022). Under the European Structural and Investment Funds for 2014-2020, the EU is investing HUF7.8 trillion billion (USD 27.6 billion) during the period of 2014-2020 to develop the transport, industrial, energy, education, healthcare and research sectors.

The industry's output value in real terms is expected to rise at a compound annual growth rate (CAGR) of 9.27% over the forecast period, compared to 7.53% during the review period (2013-2017).

GlobalData's Construction in Hungary-Key Trends and Opportunities to 2022 report provides detailed market analysis, information and insights into the Hungarian construction industry, including-

- The Hungarian 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 Hungarian 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

- GlobalData expects the infrastructure construction market to retain its leading position over the forecast period, with a share of 31.3% of the industry's total value in 2022, driven by public and private sector investments in the development and the modernization of the country's transport infrastructure. In the 2018 budget, the government allocated HUF50.0 billion (USD 181.8 million) for the development of the country's largest cities under the Modern Cities Program.

- In 2017, the government announced the Hungarian National Tourism Development Strategy 2030. Under this strategy, the government is promoting sports, culture and health tourism in order to attract more investment in the tourism sector. The government aims to increase the tourism sector's contribution to the country's GDP from 10% in 2017 to 16% by 2030, and employment from 364,000 to 450,000 over the same period. Accordingly, under the long-term framework for Hungarian tourism, the government plans to invest HUF828.0 billion (USD 3.0 billion) to finance the strategy by 2030.

- In the 2018 budget, the government increased its expenditure on the education sector by HUF81.0 billion (USD 294.5 million), and allocated HUF287.0 billion (USD 1.0 billion) more for pensions and social services, compared to the 2017 budget spending. In a bid to improve the quality of education and competitiveness of universities, provide adequate infrastructure and increase the number of foreign students, the government allocated HUF24.0 billion (USD 87.3 million) in 2017 to the University of Pecs under the Modern Cities Program.

- GlobalData expects the energy and utilities construction market output to record a forecast-period CAGR of 17.08% in nominal terms. In December 2017, the government announced plans to simplify its rules to construct small solar power plants in the country. Accordingly, the government will ease regulations on the use of farmland and provide subsidized loans to landowners to construct solar power plants.

- The total construction project pipeline in Hungary, as tracked by the Construction Intelligence Center (CIC) and including all mega projects with a value above USD 25 million, stands at HUF12.6 trillion (USD 45.7 billion). The pipeline, which includes all projects from pre-planning to execution, is skewed to late-stage projects, with 57.9% of the pipeline value being in projects in the pre-execution and execution stages as of June 2018.

Scope

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

- Historical (2013-2017) and forecast (2018-2022) 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.

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

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 GlobalData

7.4 About The Construction Intelligence Center

7.5 Disclaimer

To know more information on Purchase by Section, please send a mail to sales@kenresearch.com

List of Figures

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

Figure 2: Hungary, Construction Projects Pipeline by Sector (HUF Billion)

Figure 3: Hungary, New Building Construction Permits (Units)

Figure 4: Hungary, House Prices Index (In Real Terms)

Figure 5: Hungary, Risk Comparison, Q2 2018

Figure 6: Hungary, Risk Comparison Review

Figure 7: Hungary, Construction Output Value (Real, USD billion, 2017 prices and exchange rate)

Figure 8: Hungary, Construction Output Value, Growth Matrix

Figure 9: Hungary, Construction Output Value, by Sector (HUF Billion), 2013-2022

Figure 10: Hungary, Construction Projects Pipeline, Projected Annual Spending by Stage (HUF Billion), 2017-2022

Figure 11: Hungary, Construction Projects Pipeline, Value by Stage (HUF Billion)

Figure 12: Hungary, Commercial Construction Output by Project Type (HUF Billion), 2013-2022

Figure 13: Hungary, Commercial Construction Projects Pipeline, Value by Stage (HUF Billion)

Figure 14: Hungary, Commercial Construction Projects Pipeline, Projected Annual Spending by Stage (HUF Billion)

Figure 15: Hungary, Industrial Construction Output by Project Type (HUF Billion), 2013-2022

Figure 16: Hungary, Industrial Construction Projects Pipeline, Value by Stage (HUF Billion)

Figure 17: Hungary, Industrial Construction Projects Pipeline, Projected Annual Spending by Stage (HUF Billion)

Figure 18: Hungary, Infrastructure Construction Output by Project Type (HUF Billion), 2013-2022

Figure 19: Hungary, Infrastructure Construction Projects Pipeline, Value by Stage (HUF Billion)

Figure 20: Hungary, Infrastructure Construction Projects Pipeline, Projected Annual Spending by Stage (HUF Billion)

Figure 21: Hungary, Energy and Utilities Construction Output by Project Type (HUF Billion), 2013-2022

Figure 22: Hungary, Energy and Utilities Construction Projects Pipeline, Value by Stage (HUF Billion)

Figure 23: Hungary, Energy and Utilities Construction Projects Pipeline, Projected Annual Spending by Stage (HUF Billion)

Figure 24: Hungary, Institutional Construction Output by Project Type (HUF Billion), 2013-2022

Figure 25: Hungary, Institutional Construction Projects Pipeline, Value by Stage (HUF Billion)

Figure 26: Hungary, Institutional Construction Projects Pipeline, Projected Annual Spending by Stage (HUF Billion)

Figure 27: Hungary, Residential Construction Output by Project Type (HUF Billion), 2013-2022

Figure 28: Hungary, Residential Construction Projects Pipeline, Value by Stage (HUF Billion)

Figure 29: Hungary, Residential Construction Projects Pipeline, Projected Annual Spending by Stage (HUF Billion)

Figure 30: Hungary, Headquarters of Key Contractors (% of Total Project Pipeline)

Figure 31: Hungary, Headquarters of Foreign Contractors (% of Project Pipeline with Foreign Contractor)

Figure 32: Hungary, Headquarters of Key Consultants (% of Total Project Pipeline)

Figure 33: Hungary, Headquarters of Foreign Consultants (% of Project Pipeline with Foreign Consultants)

List of Tables

Table 1: Hungary, Key Economic Indicators

Table 2: Hungary, Construction Output Value (nominal, HUF Billion)

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

Table 4: Hungary, Top Commercial Construction Projects by Value

Table 5: Hungary, Top Industrial Construction Projects by Value

Table 6: Hungary, Top Infrastructure Construction Projects by Value

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

Table 8: Hungary, Top Institutional Construction Projects by Value

Table 9: Hungary, Top Residential and Mixed-Use Construction Project by Value

Table 10: Hungary, Key Contractors

Table 11: Hungary, Key Consultants

Table 12: GlobalData Construction Market Definitions

Table 13: Construction Risk Index Ratings and Scores

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