According to the Economic and Steel Market Outlook 2018-2019/Q1 2018 Report from the Economic Committee of the European Steel Association (EUROFER), EU construction activity was strong in the third quarter of 2017, with output growth amounting to 4.6 percent year on year, more or less the same pace of expansion registered in the first half of the year.
According to EUROFER, business conditions in the EU construction sector improved markedly in 2017 owing to high levels of consumer and business sentiment, easy access to finance and improved budget deficits in EU member states have allowed governments to raise investment in public construction works. Accordingly, EU construction output is estimated to have grown by 4.3 percent in 2017, the best performance of the sector since 2007.
The EUROFER report indicated that construction demand will increase further in 2018 and 2019. Housing demand will be driven by robust levels of consumer confidence, as well as by the low cost of, and easy access to, finance. Migrant inflows will also drive demand for new housing and services. Total EU output is forecast to rise by 2.6 percent in 2018 and by 2.2 percent in 2019.