According to the Economic and Steel Market Outlook 2014-2015/Q3 2014 Report from the Economic Committee of the European Steel Association (EUROFER), in the first quarter of the current year construction activity in the European Union (EU) increased by 7.3 percent compared to the same quarter last year which was severely affected by harsh winter conditions.
EUROFER said that the outlook for the remaining quarters of 2014 is for EU construction activity to register slight growth of 1 to 1.5 percent year on year, in line with the anticipated increase in construction investment of approximately 1.5 percent in 2014. The positive outlook for residential construction in Germany and the UK will be the backbone of the growth estimation.
The outlook for 2015 is for a gradual further improvement in construction sector fundamentals. Investment in construction is foreseen to grow by 2.5 percent. Stricter targets for sustainable building and energy efficiency will offer opportunities, both in new and existing building.
According to EUROFER, construction activity in the EU in 2014 is forecast to rise by almost 2.5 percent and by around two percent in 2015.
