Construction in Hungary - Key Trends and Opportunities to 2025 (H2 2021)

Construction in Hungary - Key Trends and Opportunities to 2025 (H2 2021)

Summary

Hungarys construction industry contracted by 9.4% in 2020, due to the disruption caused by the Coronavirus (COVID-19) outbreak. In the first half of 2021, however, the industry has begun to recover, supported by several government relief packages. Growth in H2 2021 is expected to be strong, supported by EU (European Union) recovery funds. According to the Hungarian Central Statistical Office (KSH), the construction industrys value add grew by 18.4% year on year (YoY) in the second quarter of 2021, preceded by year-on-year (Y-o-Y) declines of 2.4% in Q1 2021 and 3.9% in Q4 2020.

GlobalData expects the construction industry to stabilize and register growth of 6.2% in 2021, and thereafter record annual average growth of 4.5% between 2022 and 2025, supported by investment in the transport, renewable energy, and manufacturing sectors. The government plans to increase solar capacity from its current 2GW to 3GW by 2022 and 6GW by 2030, increasing the share of renewable energy in the total electricity generation mix to 20% by 2030 and 30% by 2040. With an investment of HUF6 trillion (US$20.7 billion), the government plans to extensively develop Hungarys railway infrastructure over the next 10 to 15 years. The European Commission is expected to approve HUF2.5 trillion (US$8.8 billion) in grants under Next Generation EU fund for Hungary in November 2021, though payment may be delayed until after the national elections in spring 2022. When approved, the funding will support growth in the institutional, transport and energy sectors significantly until 2026.

A downside risk for the industry is price pressures from a shortage of raw materials, as global economic demand has picked up significantly. According to the National Federation of Hungarian Building Contractors, the price of concrete jumped 16% between January and May 2021. Since last autumn, steel has also become almost three times more expensive, though the recent collapse of iron ore prices may temper this increase. Following the trends in the building materials market, several large raw material factories have been hit hard, with the government imposing a 90% tax on excess profits of some building materials producers to slow rising prices. On a positive note, however, the government aims to increase the volume of domestic production and decrease the dependence on imports and expects demand to strengthen in the long run. The continuation of the two-year Family Housing Renovation Program, in combination with reduced housing VAT, will also soften the negative impact of price rises in the long term.

GlobalDatas Construction in Hungary - Key Trends and Opportunities to 2025 (H2 2021) report provides detailed market analysis, information, and insights into Hungarys construction industry, including -
- Hungarys 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 Hungarys construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.

Scope

This report provides a comprehensive analysis of the construction industry in Hungary. It provides -
- Historical (2016-2020) and forecast (2021-2025) 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 GlobalDatas 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 GlobalDatas critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.

1 Executive Summary
2 Construction Industry: At-a-Glance
3 Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 COVID-19 Status
3.5 Risk Profile
4 Construction Outlook
4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
5 Key Industry Participants
5.1 Contractors
5.2 Consultants
6 Construction Market Data
7 Appendix
7.1 What is this Report About?
7.2 Definitions
7.3 CRI Methodology
7.4 GlobalData Construction
Contact Us

List Of Tables


Table 1: Construction Industry Key Data
Table 2: Hungary, Key Economic Indicators
Table 3: Hungary, Commercial Construction Output by Project Type (Real % Change), 2016-2025
Table 4: Hungary, Top Commercial Construction Projects by Value
Table 5: Hungary, Industrial Construction Output by Project Type (Real % Change), 2016-2025
Table 6: Hungary, Top Industrial Construction Projects by Value
Table 7: Hungary, Infrastructure Construction Output by Project Type (Real % Change), 2016-2025
Table 8: Hungary, Top Infrastructure Construction Projects by Value
Table 9: Hungary, Energy and Utilities Construction Output by Project Type (Real % Change), 2016-2025
Table 10: Hungary, Top Energy and Utilities Construction Projects by Value
Table 11: Hungary, Institutional Construction Output by Project Type (Real % Change), 2016-2025
Table 12: Hungary, Top Institutional Construction Projects by Value
Table 13: Hungary, Residential Construction Output by Project Type (Real % Change), 2016-2025
Table 14: Hungary, Top Residential Construction Projects by Value
Table 15: Hungary, Key Contractors
Table 16: Hungary, Key Consultants
Table 17: Hungary, Construction Output Value (Real, US$ Million)
Table 18: Hungary, Construction Output Value (Nominal, HUF Billion)
Table 19: GlobalData Construction Market Definitions
Table 20: Risk Dimensions
Table 21: Ratings, Scores and Definitions

List Of Figures


Figure 1: Eastern Europe, Construction Output (Real % Change), 2020 and 2021
Figure 2: Hungary, Construction Projects Pipeline by Sector (US$ Billion)
Figure 3: Hungary, COVID-19 Confirmed Cases
Figure 4: Hungary, Risk Summary
Figure 5: Hungary, Risk Regional Comparison
Figure 6: Hungary, Construction Output Value (Real, US$ Billion, 2017 Prices and Exchange Rate), 2016-2025
Figure 7: Hungary, Construction Output Value, by Sector (Real, US$ Million), 2016-2025
Figure 8: Hungary, Construction Value Add (HUF Million, Average Prices of 2015)
Figure 9: Hungary, Total Construction Permits Issued (In Number)
Figure 10: Hungary, Total Construction GFCF (HUF Million, Chain Linked Volumes 2015)
Figure 11: Hungary, Construction Production Volume Index (Same Period of the Previous Year=100), % Change YoY
Figure 12: Hungary, Volume Indices of the National Economys Investments for Construction (Corresponding Period of the Previous Year=100), % Change YoY
Figure 13: Hungary, Construction Cost Index (2015=100)
Figure 14: Hungary, Construction Projects Momentum Index
Figure 15: Eastern Europe, Construction Projects Momentum Index
Figure 16: Hungary, Commercial Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 17: Hungary, Commercial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 18: Hungary, Retail Sales (HUF Billion)
Figure 19: Hungary, Total Overnight Stays (In Thousands)
Figure 20: Hungary, Accommodation and Food Service Activities Value Add (HUF Million, 2015 Constant Prices)
Figure 21: Hungary, Volume Indices of the National Economys Investments for Accommodation and Food Service Activities (Corresponding Period of the Previous Year=100), % Change YoY
Figure 22: Hungary, Industrial Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 23: Hungary, Industrial Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 24: Hungary, Industrial Production and Sales (HUF Billion, Current Prices)
Figure 25: Hungary, Manufacturing Value-Add (HUF Million, 2015 Constant Prices)
Figure 26: Hungary, Total Exports (HUF Billion, Nominal Prices)
Figure 27: Hungary, Volume Indices of the National Economys Investments for Manufacturing Activities (Corresponding Period of the Previous Year=100), % Change YoY
Figure 28: Hungary, Total New Orders of Selected Branches of Manufacturing (at Constant Prices, Corresponding Period of Previous Year = 100), % Change YoY
Figure 29: Hungary, Infrastructure Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 30: Hungary, Infrastructure Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 31: Hungary, Energy and Utilities Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 32: Hungary, Energy and Utilities Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 33: Hungary, Institutional Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 34: Hungary, Institutional Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 35: Hungary, Residential Construction Output by Project Type (Real, US$ Million), 2016-2025
Figure 36: Hungary, Residential Construction Projects Pipeline, Value by Stage (US$ Million)
Figure 37: Hungary, Dwelling Units Built (In Number)
Figure 38: Hungary, Residential Permits (In Number)
Figure 39: Hungary, Real Estate Value-Add (HUF Million, 2015 Constant Prices)
Figure 40: Hungary, Headquarters of Key Contractors (% of Total Project Pipeline)
Figure 41: Hungary, Headquarters of Key Consultants (% of Total Project Pipeline)

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