Market Size of Italy Construction Industry
|Study Period||2019 - 2028|
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Historical Data Period||2018 - 2021|
|CAGR||> 4.50 %|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Italy Construction Market Analysis
The Italian construction market is expected to register a CAGR of more than 4.5% during the forecast period.
The COVID-19 pandemic adversely affected the construction industry in Italy, recording a 6.3% contraction in output in 2020. However, the sector is recovering from the crisis and reaching the pre-pandemic levels. Meanwhile, the growth was supported by EU recovery funds. The EU recovery funds will allow the government to accelerate investments in some projects.
Furthermore, to recover from the pandemic, the Italian government unveiled a USD 299 billion spending package in 2021. This reform package included USD 230 billion from the EU recovery funds, and USD 37 billion will be raised from the Italian budget. Meanwhile, an additional USD 32 billion will be spent on upgrading the country's transport infrastructure.
In addition, the residential sector, infrastructure sector, and civil engineering are driving the growth of the sector. Meanwhile, the Italian government offers various housing aid initiatives and funds for urban regeneration, including home purchase and/or renovation funds, ECO Bonus, Urban Renaissance Plan, Superbonus 110%, funds for social housing in earthquake areas, etc. Furthermore, the Italian government has allocated EUR 10.8 billion of its EUR 191.5 RRP to promote social infrastructure and communities and EUR 4.2 billion to develop territorial cohesion.