Analyst Pin-board Construction Industry in 2020 – Intermediate-term Growth Drivers Needed
Similar to our expectations at the beginning of the year, the construction industry continued to struggle to find growth drivers after the peak in 2017. Large general contractors fell one by one out of our conviction list due to both external and internal shortfalls. Lengthy legal processes caused many developers to experience delayed progress at their construction sites, while the banking system’s credit policy resulted in a lower value of new housing projects. Even though industrial and infrastructure construction managed to grow substantially, the whole construction industry has still been impacted by a slowdown in the housing market. For 2020-2021, we think there are few good choices among large contractors, but leading companies in several sub-segments, including power construction an industrial construction, might still benefit from the capex flow into the respective industry.
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