Dublin, Oct. 27, 2023 (GLOBE NEWSWIRE) -- The "Italy Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027" report has been added to ResearchAndMarkets.com's offering.
The publisher forecasts that Italy's construction industry will drop back from recent high levels of activity in the early part of the forecast period. In 2022, construction output was 25% higher than in 2019 in real (constant prices) terms owing to the impact of generous incentive schemes to support residential construction.
The downturn in 2023-2024 will mainly be driven by the downturn in the residential sector reflecting the winding down of government-funded support for works in the sector. In a major blow to the industry, in February 2023, the Italian government scrapped the tax credit scheme that was aimed at making homes more energy-efficient, amid warnings of dire effects on the construction industry.
The 'Superbonus 110' initiative allowed homeowners to take advantage of a tax credit of up to 110% on the cost of upgrading their home. The initiative led to a surge in home renovations and helped soften the impact of the COVID-19 pandemic on the country's economy.
The medium-term recovery will be aided by the continued execution of transportation and energy development projects, under the EU-funded National Recovery and Resilience Plan (Piano Nazionale di Ripresa e Resilienza, PNRR).
In February 2023, the government set a EUR4.5 billion ($4.6 billion) budget for this year's execution of major road development projects in the regions of Sicily, Calabria, Puglia, and Lazio, with the Ministry of Infrastructure and Transport (MIT) providing initial of EUR355.2 million ($362.7 million) for highway maintenance and improvement works connecting Umbro and Laziale in February 2023, and ANAS, an Italian road concession firm, launching seven road tenders worth more than EUR1.4 billion ($1.4 billion) in March 2023.
The Ministry of Energy and Environment reported in January 2023 that 4-5 GW of new renewable energy generation capacity had been added in 2022, up from 1.4GW brought online in 2021. Also, In October 2022, government announced that EUR3.9 billion ($4 billion) will be spent on improving water infrastructure and reducing leaks in cities and agricultural areas.
Scope
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Historical (2018-2022) and forecast (2023-2027) valuations of the construction industry in Italy, featuring details of key growth drivers.
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Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
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Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.