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Hungary Construction Market Size, Trends and Forecasts Report 2022: Market to Expand by 3.3% in in 2022 and Record an AAGR of 4.4% During 2023-2026 - ResearchAndMarkets.com

The "Hungary Construction Market Size, Trends and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2022-2026" report has been added to ResearchAndMarkets.com's offering.

The publisher expects Hungary's construction industry to expand by 3.3% in real terms in 2022 and record an annual average growth rate of 4.4% over the remainder of the forecast period (2023 - 2026), supported by the government's focus on improving regional connectivity through the development of the country's rail and road transport infrastructure, coupled with EU (European Union) recovery funds, and efforts to boost energy and manufacturing production.

According to the Hungarian Central Statistical Office (KSH), the construction industry's value add grew by 21.4% year on year (YoY) in Q4 2021, preceded by year-on-year (Y-o-Y) growth rates of 20.3% in Q3 and 18.5% in Q2 2021.

In September 2021, Laszlo Mosoczi, State Secretary for Transport Policy at the Ministry of Innovation and Technology, announced plans to invest HUF6 trillion ($20.7 billion) to develop Hungary's rail network. Over the next 10 to 15 years, the focus of transport development will be on railways.

In October 2021, the Ministry for Innovation and Technology started the construction works for Hungary's section of the Belgrade-Budapest railway line. In December 2021, the government approved Budapest Suburban Railway Node Strategy to develop the rail network of Budapest, the country's capital, and its metropolitan area until 2040. The government also plans to increase solar capacity from 2GW in 2021 to 6GW by 2030, increasing the share of renewable energy in the total electricity generation mix to 20% by 2030 and 30% by 2040.

A downside risk for the industry arises from price pressures owing to shortages of workers and raw materials, as global economic demand has picked up significantly following the easing of COVID-19 restrictions. According to the KSH, construction costs of buildings grew by an average of 16.2% in the first nine months of 2021, with materials costs growing by 20.7% and labor costs rising by 7.5%.

Moreover, the ongoing Russia-Ukraine crisis represents major downside risks to the industry's short-term outlook. As Hungary borders Ukraine, uncertainty surrounding the war is likely to weigh on investor confidence as the country risks being pulled into the conflict if a severe escalation occurs.


Reasons to Buy

Key Topics Covered:

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

4.2 Commercial Construction

4.3 Industrial Construction

4.4 Infrastructure Construction

4.5 Energy and Utilities Construction

4.6 Institutional Construction

4.7 Residential Construction

5 Key Industry Participants

5.1 Contractors

5.2 Consultants

6 Construction Market Data

7 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/8n9i85

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