The construction market growing faster than GDP in Europe
Even before the result of the Brexit referendum, 2016 was an uncertain year for construction in Europe. First quarter publications from the 15 major European construction groups reflect these uncertainties, with an average fall in activity of 5%.
However Construction in Europe has shown signs of recovery for the past two years and has been growing faster than GDP, led by growth in the housing sector (+ 2.8%) and public works sector (+ 6.2%) in 2015.
Against this background of recovery, major European construction groups have also returned to growth (+1.8%) following two years of contraction, due to strong growth in energy and services (+10.2%) and to the international development of the groups, with international order books rising by 6.6%.