According to the Economic and Steel Market Outlook 2022-2023/Q2 2022 Report from the Economic Committee of the European Steel Association (EUROFER), in the fourth quarter last year construction output in the EU increased by 2.3 percent, following a rise of 4.1 percent in the third quarter, both year on year.
According to the EUROFER report, in line with actual production volumes, gross fixed investment in construction in the EU grew for the fourth consecutive quarter, increasing by 2.1 percent year on year in the fourth quarter last year. Growth in the fourth quarter was fueled by the increase of 2.0 percent in residential investments boosted by low mortgage rates.
Civil engineering is expected to boost the construction industry’s performance amid public investment in infrastructure. This segment will be supported by EU-wide public policies, though their effects have become increasingly uncertain and difficult to quantify, in light of the recent deterioration of the economic outlook due to the war in Ukraine and persisting supply chain issues.
EUROFER said it expects construction output in the EU to grow by 2.3 percent in 2022 and by 1.5 percent in 2023, year on year.