According to the Economic and Steel Market Outlook 2014-2015/Q4 2014 Report from the Economic Committee of the European Steel Association (EUROFER), in the second quarter of the current year construction activity in the European Union (EU) came to a halt after having grown vigorously in the first quarter due to mild weather conditions and very low output levels in the same quarter of the preceding year. On country basis, in the second quarter construction activity in Germany, France, Italy, Belgium-Luxemburg, Spain and Austria indicated decreases, while output in the UK, Sweden, Poland and Hungary increased, all year on year.
EUROFER said that the outlook for the third quarter of the current year for EU construction activity is for weak momentum, and the outlook for the final quarter this year does not provide any indication of better market fundamentals, while the outlook for the growth rate of the industry in the whole of the current year is 1.8 percent.
The outlook for 2015 is for a similar annual growth rate. The key driver of growth will remain residential sector activity, although the non-residential and civil engineering sectors are also expected to gain some strength again. Total EU construction investment is foreseen to increase by almost two percent in 2015.