PwC: Romania's Construction Market Will Gain $22B By 2020

05.12.2011 By Andrei Circhelan

The Romanian construction market is expected to grow by $22 billion over the next 10 years, according to a study released Thursday by consultants PricewaterhouseCoopers.

"Growth in global construction will outpace world GDP growth over next 10 years. Romania will contribute by $22 billion to global construction output growth by 2020, the fourth largest contribution in the Central and Eastern Europe, after Russia $117 billion, Turkey $81 billion, and Poland $51 billion, but ahead of the Czech Republic $13 billion, Bulgaria $8 billion, Ukraine $7 billion and Hungary $5 billion," PwC Romania said in a news release.

The global construction market is currently estimated at $7,200 billion.

The data is included in the Global Construction 2020 report, compiled by Global Construction Perspectives and Oxford Economics, and financed by PwC.

"Construction is set to become one of the exciting global growth industries of the next decade" said Neil Blake, Director of Economic Analysis at Oxford Economics.

According to information previously published by Romanian construction entrepreneur association ARACO, the local construction market narrowed by 17% last year, to EUR9.7 billion. This year, the best case scenario puts the construction market at EUR9.5-10 billion, with expectations of growth in 2012.