According to the Economic and Steel Market Outlook 2015-2016/Q3 2015 Report from the Economic Committee of the European Steel Association (EUROFER), in line with expectations output of the EU construction sector in the first quarter of the current year fell slightly compared with the same period of 2014.
First data and indicators for the second quarter suggest that output strengthened moderately compared with the same period of 2014, with basically only France and Italy remaining on a downtrend.
EUROFER said that the outlook for 2015 and 2016 is for construction activity to gradually gain momentum in most EU countries. Improving residential activity will be the key driver of growth across the EU. Demand for new housing and residential renovation and modernization will benefit from improved consumer confidence, easier access to finance as well as the low cost of finance.
For the current year, EUROFER expects 1.7 percent growth in the EU construction output, with an expected increase of 2.5 percent in 2016, as a result of the construction sector downturn coming to an end in France and Italy and continued growth elsewhere in the EU.