New Construction market report from Business Monitor International: "Germany Infrastructure Report Q4 2012"
Boston, MA -- (SBWIRE) -- 12/31/2012 -- BMI View: Compared to its European peers Germany's construction industry looks strong, but the eurozone crisis still threatens confidence in the sector. Construction industry value is expected to reach US$132.4bn for 2012, with year-on-year (y-o-y) growth of just 1.35%. A period of low growth is expected to continue throughout our 10-year forecast period, with annual average growth of 0.84% anticipated between 2012 and 2021, with industry value due to reach US$160.2bn by the end of this period.
Key developments include:
- German conglomerate Siemens Energy was awarded a contract to build a combined cycle power plant in Dusseldorf, reports Power Technology. The 595MW facility will be located at the port of Dusseldorf and cost between EUR400mn (US$495mn) and EUR500mn (US$619mn) to build. Siemens Energy will also be responsible for maintaining the facility.
- WindMW, a joint venture between Blackstone and Windland Energieerzeugungs, initiated construction work on a wind farm located offshore the German coast in the North Sea. The Meerwind Sud and Ost wind farm will have a power generation capacity of 288MW and will be equipped with 80 wind turbines, each with a capacity of 3.6MW. The farm became the first offshore wind plant in Germany to conclude financing as part of the innovative KfW offshore wind programme in August 2011. The project is being carried out as per the schedule to become fully commissioned in 2013.
- German construction company Bilfinger Berger has announced a 77% increase in pre-tax profit for H112, to EUR161mn (US$203mn), reports International Construction. Overall revenue also rose by 2%, to EUR4.13bn (US$5.04bn), over the same period. However, Bilfinger Berger reported a 39% decline in net profit, owing to its sale of Australian construction company Valemus in 2011. The company expects to make EUR8.4bn (US$10.2bn) in revenue in 2012, on a par with its 2011 performance.
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The formation of a majority government by the Social Democrats and the Greens in Germany's most populous state of North Rhine-Westphalia will embolden the opposition nationally, placing Chancellor Angela Merkel and her Christian Democratic Union on the defensive. Although we see scope for a considerable shake-up in policy and personnel at party headquarters in Berlin, we do not view the election on May 13 2012 as a major threat to the chancellor's chances in 2013's general election.
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