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Austria Construction Market Size, Trends, and Forecasts Report 2024: Construction Sector Forecast to Recovery by Annual Average Growth Rate of 2.4% During 2025-2028


DUBLIN, March 1, 2024 /PRNewswire/ -- The "Austria Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2024-2028" report has been added to ResearchAndMarkets.com's offering.

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The construction industry in Austria is expected to shrink by 3.4% in real terms in 2024, following an annual decline of 0.9% in 2023, owing to a decline in the building permits issued in the residential sector and decline in the exports, coupled with high inflation, energy prices and interest rates. According to Eurostat, in cumulative terms, the number of one-dwelling building permits issued declined by 38% year on year (YoY) in the first three quarters of 2023, preceded by an annual decline of 18.8% in 2022.

Meanwhile, two and more dwelling buildings permits fell 22.2% YoY cumulatively, during the same period, preceded by an annual decline of 23.4% in 2022. The manufacturing value add decreased cumulatively from EUR52.8 billion ($54.1 billion) in January-September 2022 to EUR51.9 billion ($53.1 billion) in January-September 2023, a 1.8% YoY decline, according to Eurostat. This was preceded by an annual growth of 4.1% in 2022. Meanwhile, the manufacturing production index declined by 0.8% YoY, in the first 10 months of 2023, down from an annual growth of 6.1% in 2022.

However, during the forecast period, the Austrian construction industry is expected to recover by an annual average growth rate of 2.4% between 2025 and 2028, supported by investments in transport and renewable energy infrastructure, with improvements in the electric vehicle market. Due to an increase in energy prices, the government launched energy subsidies to reduce the impact on the manufacturing sector, local businesses, and the domestic economy.

As of December 2023, 23,930 applications have been submitted under this initiative. The total volume of the applications received accounted to EUR1.6 billion ($1.64 billion) and the billing for the funding is expected to begin by the end of first quarter of this year. The growth in the construction industry will also be supported by the government's commitment to strengthen the semiconductor sector. Under the European Chips Act, the Austrian government announced in October 2023 that it plans to invest EUR3 billion ($3.1 billion) for the growth of chip research and manufacturing in the country between 2024 and 2031. Furthermore, it is anticipated that this investment in the semiconductor sector will draw in a total of $7.2 billion (EUR7 billion) in investment. In October 2023, the draft budget of the Federal Finance Act 2024 was released, which states that a total of EUR62.7 million ($64.2 million) will be set aside for the expansion of the tourism industry in 2024. Small-scale tourism and leisure enterprises will use the funds that have been set aside to support their investments.

The report provides detailed market analysis, information, and insights into the Austrian construction industry, including -

This report provides a comprehensive analysis of the construction industry in Austria. It provides -

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 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

For more information about this report visit https://www.researchandmarkets.com/r/bcoj50

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