Research Briefing | Jul 5, 2023

Renovation wave is coming in Europe, but not here yet

Renovation wave is coming in Europe, but not here yet

The European Commission’s ambition to transform Europe into the first climate neutral continent by 2050 necessitates a huge program of renovation work. This ‘renovation wave’ will drive construction activity growth in the European Union over the remainder of the decade.

What you will learn:

  • Construction industry capacity constraints and the timing of legislation will ensure a slow ramp up in renovations activity. The cost-of-living crisis will also weigh over residential renovation activity in the near-term.
  • Commercial buildings are forecast to experience the fastest growth in renovation activity, in line with the timing for when minimum energy performance standards need to be met.
  • We expect renovations activity will contribute most to total work done in Italy, Germany, France, and Denmark as countries with older building stock will need to undertake more renovations to get existing buildings up to the required standards.
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