Construction in Hungary - Key Trends and Opportunities to 2023

Construction in Hungary - Key Trends and Opportunities to 2023

Summary

Construction activities in Hungary picked up sharply in 2018, with output value expanding by 22.9% in real terms - up from 17% in 2017. Growth during the review period (2014-2018) averaged 8.6% a year, and was supported by strong economic conditions, coupled with public and private sector investment in transport infrastructure, residential and commercial construction projects.

Over the forecast period (2019-2023), the governments efforts to enhance transport and renewable energy infrastructure will support the growth of the industry. In addition, the governments plan to establish Hungary as the top tourist destination in Central Europe by 2030 is expected to support investments in the countrys commercial buildings. For this purpose, the government plans to invest HUF828 billion (US$3 billion) over the next 10 years on the development of restaurants, hotels, parks and tourist attractions, especially outside Budapest. Furthermore, the rise in industrial production will boost the demand for manufacturing plants in the country. However, investment in the country would be affected due to rising wages as a result of labor shortage and strict immigration policies.

The industrys output value in real terms is expected to rise at a compound annual growth rate (CAGR) of 5.30% over the forecast period, compared to 7.22% during the review period.

the "Construction in Hungary - Key Trends and Opportunities to 2023", report provides detailed market analysis, information and insights into the Hungarian construction industry, including -
- The Hungarian construction industrys 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

- It expects the infrastructure construction market to increase in importance over the forecast period and account for 32.7% of the industrys total value in 2023, driven by governments focus on the development of the countrys transport infrastructure. In June 2018, the government announced plans to invest HUF4 trillion (US$14.8 billion) on the development of road and rail infrastructure in the country by 2022. Of the total investment, HUF1500 billion (US$5.5 billion) will be used for the development of rail infrastructure, which includes the modernization of 900km of railway tracks.
- Institutional construction markets growth over the forecast-period will be driven by the governments focus on the education and healthcare sectors. In the 2019 budget, the government increased its total spending on the education sector by HUF15 billion (US$54.8 million) and on the healthcare sector by HUF101 billion (US$369.3 million).
- It expects the residential construction market to post a forecast-period CAGR of 7.01% in nominal terms, driven by rising demand for housing as a result of increasing household disposable income, a decline in unemployment and increased home loan lending. Growth will also be bolstered by the CSOK program, through which the government will provide subsidies to families with children for the construction of their home. As a part of its 2019 budget, the government announced plans to allocate HUF242 billion (US$0.9 billion) for the CSOK program.
- Forecast-period growth in the energy and utilities construction market will be driven by the governments focus on developing the countrys renewable energy infrastructure. In January 2019, the government announced plans to generate 100% of its electricity from renewable energy sources by 2030. To achieve this, the government plans to increase the photovoltaic capacity in the country from 500MW in 2018 to 30,000MW by 2022.
- The total construction project pipeline in Hungary - as tracked by and including all mega projects with a value above US$25 million - stands at HUF14.4 trillion (US$53.1 billion). The pipeline, which includes all projects from pre-planning to execution, is skewed towards early-stage projects, with 66.2% of the pipeline value being in projects in the pre-planning and planning stages as of June 2019.

Scope

This report provides a comprehensive analysis of the construction industry in Hungary. It provides -
- Historical (2014-2018) and forecast (2019-2023) 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 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 critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.

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
8 About GlobalData
8.1. GlobalData at a Glance
8.2. GlobalData Construction
8.3. Disclaimer
8.4. Contact Us

List Of Tables


Table 1: Construction Outlook
Table 2: Hungary, Key Economic Indicators
Table 3: Hungary, Construction Output Value (nominal, HUF Million)
Table 4: Hungary, Construction Output Value (nominal, US$ Million)
Table 5: Hungary, Top Commercial Construction Projects by Value
Table 6: Hungary, Top Industrial Construction Projects by Value
Table 7: Hungary, Top Infrastructure Construction Projects by Value
Table 8: Hungary, Top Energy and Utilities Construction Projects by Value
Table 9: Hungary, Top Institutional Construction Projects 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

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, Number of dwelling units built (Total Number)
Figure 4: Hungary, residential construction permits issued (Total number)
Figure 5: Hungary, HPI for new dwellings
Figure 6: Hungary, Risk Profile
Figure 7: Hungary, Risk Comparison
Figure 8: Hungary, Construction Output Value (Real, US$ Billion 2017 prices and exchange rate)
Figure 9: Hungary, Construction Output Value, Growth Matrix
Figure 10: Hungary, Construction Output Value, by Sector (HUF Million), 2014-2023
Figure 11: Hungary, Construction Projects Pipeline, Projected Annual Spending by Stage (HUF Million), 2018-2023
Figure 12: Hungary, Construction Projects Pipeline, Value by Stage (HUF Million)
Figure 13: Hungary, Commercial Construction Output by Project Type (HUF Million), 2014-2023
Figure 14: Hungary, Commercial Construction Projects Pipeline, Value by Stage (HUF Million)
Figure 15: Hungary, Commercial Construction Projects Pipeline, Projected Annual Spending by Stage (HUF Million), 2018-2023
Figure 16: Hungary, Industrial Construction Output by Project Type (HUF Million), 2014-2023
Figure 17: Hungary, Industrial Construction Projects Pipeline, Value by Stage (HUF Million)
Figure 18: Hungary, Industrial Construction Projects Pipeline, Projected Annual Spending by Stage (HUF Million), 2018-2023
Figure 19: Hungary, Infrastructure Construction Output by Project Type (HUF Million), 2014-2023
Figure 20: Hungary, Infrastructure Construction Projects Pipeline, Value by Stage (HUF Million)
Figure 21: Hungary, Infrastructure Construction Projects Pipeline, Projected Annual Spending by Stage (HUF Million), 2018-2023
Figure 22: Hungary, Energy and Utilities Construction Output by Project Type (HUF Million), 2014-2023
Figure 23: Hungary, Energy and Utilities Construction Projects Pipeline, Value by Stage (HUF Million)
Figure 24: Hungary, Energy and Utilities Construction Projects Pipeline, Projected Annual Spending by Stage (HUF Million), 2018-2023
Figure 25: Hungary, Institutional Construction Output by Project Type (HUF Million), 2014-2023
Figure 26: Hungary, Institutional Construction Projects Pipeline, Value by Stage (HUF Million)
Figure 27: Hungary, Institutional Construction Projects Pipeline, Projected Annual Spending by Stage (HUF Million), 2018-2023
Figure 28: Hungary, Residential Construction Output by Project Type (HUF Million), 2014-2023
Figure 29: Hungary, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 30: Hungary, Headquarters of Foreign Contractors (% of Project Pipeline with Foreign Contractor)
Figure 31: Hungary, Headquarters of Key Consultants (% of Total Project Pipeline)
Figure 32: Hungary, Headquarters of Foreign Consultants (% of Project Pipeline with Foreign Consultants

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