Summary
In real terms, the Turkish construction industry is expected to perform better over the forecast period (2016-2020) than during the review period (2011-2015). The industry’s forecast-period growth will be driven by public and private sector investments in infrastructure, energy, residential and industrial construction projects. Growth will also be spurred on by the country’s Vision 2023, under which the government aims to develop the country into one of the world’s largest economies by 2023. According to the Turkish Statistical Institute (TurkStat), the seasonal and calendar-adjusted average construction production index at a 2010 base prices grew by 1.8%, from 124.5 in 2014 to 126.7 in 2015, while the seasonally and calendar-adjusted construction turnover index rose by 0.5% from 132.9 to 133.6.
The industry’s output value in real terms is expected to rise at a compound annual growth rate (CAGR) of 5.19% over the forecast period, up from 2.91% during the review period. To achieve growth the industry will have to tackle the challenge of rising costs and terrorism. According to TurkStat, the country’s average building construction cost index rose by 5.9%, from 199.3 in 2014 to 211.0 in 2015. The labor cost index grew by 8.3% from 220.7 in 2014 to 239.0 in 2015, while the materials cost index grew by 5.2% from 193.8 to 203.8. The country faces security risks due to terrorist attacks, which are expected to weigh on growth potential over the forecast period.
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Scope
This report provides a comprehensive analysis of the construction industry in Turkey. It provides:
• Historical (2011-2015) and forecast (2016-2020) valuations of the construction industry in Turkey using construction output and value-add methods
• Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by project type
• Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)
• Analysis of key construction industry issues, including regulation, cost management, funding and pricing
• Detailed profiles of the leading construction companies in Turkey
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Key Highlights
• In terms of building permits, there has been clear evidence of improvement in residential and non-residential construction, according to data from TurkStat. The total number of building permits issued grew by 5.0%, from 89,577 in January-September 2015 to 94,015 in January-September 2016. This was preceded by an annual contraction of 12.3% in 2015.
• To finance infrastructure construction projects, including airport, rail, road and seaports, Turkey’s parliament approved the national Sovereign Wealth Fund (SWF) in August 2016. Through this the government aims to resolve financing issues for mega construction projects that do not have a build-operate-finance model. The fund is expected to lead to the announcement of more infrastructure projects over the forecast period.
• The forecast-period growth of the energy and utilities construction market will be supported by government plans to develop the country’s energy infrastructure. According to the Investment Support and Promotion Agency of Turkey (ISPAT), the country’s total installed electricity capacity is expected to increase from 74GW in 2015 to 120GW by 2023. To achieve this target, based on the capacity and type of the energy generation facility, the government is offering incentives license exemptions, purchase guarantees, feed-in-tariffs and connection priorities.
• To cope with an expected rise in passenger, cargo and air traffic, and to maintain the high quality of transport infrastructure, the government is focused on the expansion and modernization of airport infrastructure. Accordingly, the Cengiz-Kolin-Limak-Mapa-Kalyon consortium is constructing the one of the world’s largest airports – Istanbul New Airport.
• The industry’s growth will be driven by the government’s plan to increase the share of renewable energy in terms of total installed power capacity, encouraging investment in renewable energy infrastructure. The government aims to increase the share of renewable sources to 30.0% of the country’s total installed power capacity by 2023.
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