Boston, MA -- (SBWIRE) -- 05/30/2013 -- The Danish construction industry valued at DKK191.8 billion (US$35.9 billion) in 2012, recording a CAGR of -3.31% during the review period. All construction markets registered negative growth in this period. This is largely a result of the slowing down of the economy following the financial crisis. Residential construction constituted the largest market within the construction industry, accounting for a 46.8% share of industry output in 2012. However, the market was also among the worst performing markets and recorded a CAGR of -3.88% during the review period. Despite a decline in property prices during the past few years, they remain considerably higher compared with neighboring countries, leaving the residential market in a fragile situation. Timetric expects the residential construction market to record positive growth in 2014 with a CAGR of 1.44% over the forecast period, after recording a decline of 0.3% in 2013.

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Key Highlights

- Construction output valued DKK191.8 billion (US$35.9 billion) in 2012, after registering a CAGR of -3.31% during the review period. A high unemployment rate, subdued domestic consumption and dwindling exports resulted in low investments, affecting all construction markets.
- Residential construction constituted the largest construction market within the construction industry, accounting for a 46.8% share in 2012, with a value of DKK89.9 billion (US$16.8 billion). Property prices in Denmark were booming in the pre-crisis years and although housing prices have contracted in the past few years, property prices remain considerably higher compared to neighboring countries.
- The commercial construction market valued DKK26.3 billion (US$4.9 billion) in 2012, after recording a CAGR of -3.68% during the review period, and constituted a 13.7% share of the Danish construction industry. The retail sector has been subdued since 2008. Consumer spending is cautious, owing to rising unemployment, low wage growth, and a depressed economic outlook. The demand for office space is also low in Denmark, with office space vacancies at 9.5-10% in the third quarter of 2012.
- The industrial construction market posted the largest contraction of 15% during the review period, with a CAGR of -3.99%. The market valued DKK14.8 billion (US$2.8 billion) in 2012 and accounted for a 7.7% share of the total construction industry output. The Eurozone is Denmark's most important export partner. However, as a result of the debt crisis in several countries, GDP in the Eurozone declined by 0.1% in the third quarter of 2012, the fourth consecutive quarter of no growth or decline. As a result, industries that rely on foreign demand are expected to witness low to moderate growth.

Companies Mentioned in this Report: MT Hojgaard a/s, E. Pihl & Son A.S., Hoejgaard Holding a/s, Per Aarsleff A/S, Arkil Holding A/S"

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