CIC - Construction Intelligence Center

Turkey Construction Market Gaining Strength

9 Feb 2018

Turkey’s construction industry is expected to reach a value of US$193.2 billion in 2022, measured at constant 2010 US dollar exchange rates, according to Timetric’s Construction Intelligence Center (CIC).

According to the report, Turkey’s construction industry is expected to continue to register strong growth rates over the forecast period to 2022, supported by the government’s focus on developing transport, residential and energy infrastructure. The focus on the development of renewable energy infrastructure is also expected to drive industry growth.

 

The government aims to increase the share of renewable sources in the country’s total energy mix from 10% in 2016 to 30% by 2023. Additionally, in July 2017, the government revealed the 11th Five-Year Development Plan for 2019–2023, under which it aims to increase the country’s manufacturing capacity and exports. The industry’s output value in real terms is expected to rise at a CAGR of 5.5% over the forecast period. 

 

Accounting for 54.1% of the industry’s total value in 2017, residential construction was the largest market in the industry during the review period. The market is anticipated to follow a similar trend over the forecast period, with residential construction accounting for 55.7% of the industry’s total value in 2022. The market will be supported by ongoing urbanization, population growth and positive developments in regional economic conditions. Efforts to balance the demand and supply for housing through the construction of affordable housing units will also promote growth.

 

Infrastructure construction was the second-largest market during the review period, accounting for 20.5% of the industry’s total value in 2017. The market is expected to retain its position over the forecast period, to account for 21.0% of the industry’s total value in 2022. The market growth is expected to be supported by the government’s plan to improve the country’s transport infrastructure under the public-private partnership (PPP). Forecast-period growth will also be supported by the government’s focus on developing transport infrastructure as part of Turkey’s Vision 2023. The government aims to construct 14,000km of new rail lines and 5,300km of new motorway by 2023.

 

About this report

 

This information is taken from the Timetric report: ‘Construction in Turkey- Key Trends and Opportunities to 2022’.

 

To find out more information about the report, please contact us at reports@timetric.com. To purchase the full report, click here

 

About the Construction Intelligence Center

 

The Construction Intelligence Center (CIC) is the most comprehensive source of data and analysis on the global construction industry. The Construction Intelligence Center is a product of Timetric, which provides information solutions and technologies that enable organizations to drive business value and manage business risk.

 

For more information and updates, please visit www.construction-ic.com.

 

About Timetric

 

Timetric is a leading provider of online data, analysis and advisory services on key industry sectors. It provides integrated information services covering risk assessments, forecasts, industry analysis, market intelligence, news and commentary.

 

For more information and updates, please visit www.timetric.com.

 

For media enquiries, please contact the Timetric press office or call +44 (0)20 3096 5769.



Source: Company Press Release