As every year we are very attentive to the conclusions of the Construtec Report and this year we want to share the main conclusions for the sector that affect us and structure the future scenario with which we must deal.
1. Construction growth in Spain for 2024-2025
The forecasts for the construction sector in Spain for 2024-2025 are for a growth of 2.6% for the next two years, which is not a particularly positive figure, but at least it will not follow the negative trend that Europe is showing, where the data for 2023 have already been negative and are expected to continue this trend, dropping to 2.1%.
It is worth noting, however, two essential facts when interpreting these data correctly:
– Spain’s growth cycle tends to lag the European cycle.
– The European growth trend of recent years (reaching 6% since 2007) is difficult to maintain given the current situation.
Nevertheless, in 2025-2026, expectations at the European level are improving with an expected growth of 1.5%.
It should also be noted that the Nordic countries will reverse this trend because they started the recession earlier, but Germany and Italy will have a longer recessionary cycle.
2. Civil engineering is not affected
In this sub-sector, thanks to the NGEU funds, this trend is not observed, since they have made it possible to promote the progress of projects that until now were at a standstill waiting for the necessary resources.
All this, of course, without forgetting the problems that the sector is going through with labor and the generalized increase in costs.
3. Residential sector will suffer the greatest effect
This sector has seen its sales suffer following interest rate increases and is expected to stagnate and decline slightly over the next two years.
By 2026, the effects of the Housing Act, the advance of public housing and mortgages will need to be picked up, although it could all point to a positive trend.
4. Prudent non-residential building
The forecast for this sub-sector is for growth of between 2.3% and 2.5% per year for 2023-25, which is not very positive, but is positive in comparison with the rest of the sub-sectors and with the forecast for European GDP.
In any case, this type of building sees the neighbor’s beards cut with the slowdown in the real estate market and opts for safer projects in more resilient sectors such as logistics building, although the latter has also already experienced a negative forecast of -1% although it becomes positive in the 2025-2026 forecast.
5. Rehabilitation grows, but disappoints
In this market, the forecast data is positive with 2.6% for 2024, but based on the expectations that were expected thanks to the PREE program for the Energy Rehabilitation of Buildings, the reading is not so positive, as a much higher increase trend was expected.
All in all, the forecasts are still positive compared to Europe and also allow us to anticipate what lies ahead in the long term.
