The publisher expects Spain’s construction industry to record a growth of 1.2% in real terms this year, supported by substantial growth and investments in the non-residential sectors, coupled with an increase in the investments for the energy and industrial sectors. In November 2023, Junta de Andalucia, the regional government of Spain approved an expenditure of EUR615.6 million ($630.3 million) in its regional 2024 budget, which is an increase of 32% compared to 2023 budget. In December 2023, Volkswagen, a German automobile company announced an investment of EUR3 billion ($3.1 billion) for the construction of a battery factory in Sagunrt, which is expected to be completed by 2026. Yet, in the short term the housing market remains weak, reflecting the gloomy residential sector; due to rising construction costs, weak demand, and a decrease in total useful floor area for residential permits, resulting in reduced output. According to Eurostat, the total useful floor area permits for residential buildings, decreased year on year (YoY) by 3.5% in the first three quarters of 2023, following an annual growth of 41.8% in 2022. Over the remainder of the forecast period, the construction industry's output is expected to grow at an annual average rate of 3% between 2025 and 2028, supported by Spain's recovery and resilience plan, which includes 112 investments and 102 reforms, backed by grants totaling EUR69.5 billion ($71 billion) by August 2026.
Growth over the forecast period will be supported by the revised National Energy and Climate Plan (NECP), where the government aims to have 214 gigawatts (GW) of total installed capacity of electricity by 2030. This includes 76GW of photovoltaic power, 62GW of wind power, 22GW of storage capacity, 4.8GW of solar thermal power, and 1.4GW of biomass power with estimates a mobilization of investments worth EUR294 billion ($300.2 billion) from 2023 to 2030.
Growth over the forecast period will be supported by the revised National Energy and Climate Plan (NECP), where the government aims to have 214 gigawatts (GW) of total installed capacity of electricity by 2030. This includes 76GW of photovoltaic power, 62GW of wind power, 22GW of storage capacity, 4.8GW of solar thermal power, and 1.4GW of biomass power with estimates a mobilization of investments worth EUR294 billion ($300.2 billion) from 2023 to 2030.
The Construction in Spain – Key Trends and Opportunities to 2028 (Q1 2024) report provides detailed market analysis, information, and insights into Spain’s construction industry, including -
- Spain’s 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 Spain’s construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
Scope
This report provides a comprehensive analysis of the construction industry in Spain. It provides -- Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Spain, 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
Reasons to Buy
- Identify and evaluate market opportunities using the standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using the critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
Table of Contents
1 Executive Summary2 Construction Industry: At-a-Glance6 Construction Market Data
3 Context
4 Construction Outlook
5 Key Industry Participants
7 Appendix
List of Tables
List of Figures