Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Czech Republic Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market France, 2023-2027" report has been added to ResearchAndMarkets.com's offering.
The construction industry in the Czech Republic was forecast to decline by 2.4% in 2023, owing to rising inflation, supply chain disruptions, high construction costs and declining number of building permits issued.
According to Czech Statistical Office (CZSO), the total number of building permits issued in the country declined by 12.6% year on year (YoY) in the first seven months of 2023, providing a clear indication of the potential downturn in the construction industry.
The decline in residential construction sector has affected the overall construction industry in the country. According to latest data published by the CZSO, the construction industry's value add declined by 2.4% YoY in Q2 2023, preceded by Y-o-Y decline of 2.7% in Q1 2023 and 10.2% in Q4 2022.
Over the remainder of the forecast period, the construction industry is expected to rebound at an average annual growth rate of 3.1% during 2024-27, supported by investments in construction of affordable housing, electricity distribution systems and transport infrastructure. In September 2023, the European Commission approved a modified National Recovery and Resilience Plan (NRRP) worth CZK225.3 billion ($9.4 billion).
According to the modified plan, 42.9% of the funds will be allocated to the green transition and 22.8% to the digital transition. Under the green transition plan, the focus will be on investments in energy and transport, as well as, facilitating development of new solar energy sources, the electrification of railways, and the modernisation of electricity grids across the country.
Under the digital transition plan, the focus will be on provision of affordable houses and digitalisation of services. In October 2023, a loan agreement worth CZK24 billion ($1 billion) was signed between the European Investment Bank (EIB) and Czech Republic, to develop the country's rail network. The loan will support the modernisation of trans-European networks (TEN-T) railway lines, and the installation of the European Rail Traffic Management System (ERTMS), across the country.
The report provides detailed market analysis, information and insights into the Czech construction industry, including:
- The Czech construction industry's 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 the Czech construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
This report provides a comprehensive analysis of the construction industry in Czech Republic. It provides
- Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in Czech Republic, 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
For more information about this report visit https://www.researchandmarkets.com/r/yko6js
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