Dublin, Sept. 27, 2024 (GLOBE NEWSWIRE) -- The "Latvia Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (H2 2024)" report has been added to ResearchAndMarkets.com's offering.
Construction industry in Latvia to shrink by 6% in real terms in 2024, owing to headwinds such as falling building construction activity, falling exports, and rising construction and labor costs.
According to the Central Statistical Bureau (CSB), the overall construction cost index grew by 2% year-on-year (YoY) in the first half of 2024, with the average index of measuring the labor remuneration of construction workers growing by 6.5% YoY over the same period. Residential construction, which accounted for 15% of the industry's overall value in 2023, is expected to be the most affected in 2024, owing to a sharp fall in residential building permits and high house prices. According to the CSB, the total number of permits issued for residential buildings declined by 8.3% YoY in the first three months of 2024, preceded by an annual decline of 6.5% in 2023.
Forecast-period growth in the industry will also be supported by European Union (EU) recovery funds. The European Commission approved the second payment of EUR336 million ($356.2 million) under Latvia's Recovery and Resilience Plan, in May 2024. The country is also expected to receive EUR660 million ($699.6 million) by 2024 and EUR820 million ($869.2 million) by 2025.
The country has approved programmes for increasing energy efficiency for both residential buildings and companies, and planned the construction of almost 700 energy-efficient low-rent apartments.
Scope
- Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Latvia, 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 analyst's 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 analyst's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Latest news and developments
4 Project analytics
5 Construction Market Data
6 Risk Profile
7 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/1by02
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