Construction Profile in ITC Group Countries · ITALCEMENTI GROUP-E&S Studies – Construction Profile page 5 Sources: US Census, National Association of Home Builders, Dept. of Labour,

N. 4 – December, 10th 2009 ITALCEMENTI GROUP-SESO – Construction Profile page 1

Economic and Social Studies

Construction Profile in ITC Group Countries

Highlights Country Focus Main Construction Indicators

Countries: United States Canada France Italy Spain

Belgium Greece

Bulgaria Morocco Egypt China

India Thailand

N. 1 – April 12 th 2013

Key to Abbreviations ar annual rate bn billion ch change d day lhs left hand side m month ma moving average mn million mom month-on-month nsa not seasonally adjusted Q quarter rhs right hand side sa seasonally adjusted saar seasonally adjusted at annual rate tn trillion wda working days adjusted y year yoy year-on-year

Based on all information up to April, 12 th 2013 Available in i.like

N. 1 – April, 12th 2013 ITALCEMENTI GROUP-E&S Studies – Construction Profile page 1

• In Europe, sluggish activity at the macroeconomic level is not helping construction to come out from depression. Particularly in the euro Mediterranean countries large mass unemployment, declining real income, credit shortage and severe fiscal austerity make up a mix that – once compounded with the large stock of overconstruction of the previous years still to be reabsorbed – prevents for the time being any recovery. On the other hand, good news stem from the US, where the construction recovery is gain-ing traction, especially as far as the private sector is concerned. In the Group emerg-ing countries construction dynamics is widely diverging with the Asian countries per-forming overall fairly well while in the North African ones (Egypt and Morocco) con-struction conditions have kept deteriorating.

• In France , the construction sector turned negative in Q4 12 (-0,5% qoq) after recover-ing since Q1 10, mainly thanks to supportive public incentives. The real estate market entered recession with volume of sales down by 15% for existing dwellings, and by 25% for the new ones. In 2012, the economic climate has deteriorated significantly and the fiscal rules concerning housing have been tightened, which has severely af-fected buy-to-let investment. The residential sector is thus heading towards a fairly long period of correction; however, a hard landing scenario is not in the cards given structurally strong demand as a result of demographics, family break-ups, and the safe haven effect; in addition, neither an oversupply of housing, nor a credit bubble are reported and the level of non-performing loans is low. In the non residential seg-ment, building starts in industrial, office-space and shops sub-segments are slowing down, while public investment confidence indicators point to a weakening as a conse-quence of fiscal budget constraints.

• The slump in the Spanish housing market deepened in Q4 12 (-2.5% qoq), reflecting increasing pressure on the households’ financial position and tight credit conditions. Five years after the residential property bubble burst, prices are still tumbling and have much further to go, with 1mn properties still unsold. Mortgages fell by 27% from the peak, 10% of which last year. Spanish banks' profits fell as they sold off or wrote down property in 2012, and developers still owe them €270bn – with a third of that consid-ered to be “toxic”. Analysts say the housing stock should take three to four years to sell, so that it will be a long time before residential construction activity recovers. In the non residential sector, investment intentions remain sluggish as companies are con-fronted with shrinking profits and still disrupted credit markets. Also public investment is set to remain subdued due to the ongoing severe spending cuts for infrastructure.

• In Morocco , construction value added contracted markedly in H2 12 (-4% yoy) and sectoral indicators are all heading south. Cement sales dropped by 1.6% in 2012 (against a +7.5% growth average in the 5 years before). The number of social-housing units completed decreased by 9.6% (to 122,000 units) in 2012, mainly due to public spending cuts. Sentiment among builders is also worsening and bad demand condi-tions in the residential sector are witnessed by the fall of both sales and housing prices. Most recent surveys show that the ongoing trend is set to continue also this year, given the government's efforts to pursue fiscal consolidation and the gloomy economic prospects in the euro area, which represents a crucial source of export demand, tourist re-ceipts, and remittances flows.

COUNTRY FOCUS

HIGHLIGHTS

N. 1 – April, 12th 2013

page 2 ITALCEMENTI GROUP-E&S Studies – Construction Profile

Indicators* Construction Production

Construction Investment

House Prices

2010 2011 2012 Latest 2010 2011 2012 Latest 2010 2011 2012 Latest

USA -3.1 -2.4 14.9 19.2 Feb(1) -8.1 -2.5 6.5 7.0 Q4 1.2 -3.9 0.9 8.1 Jan

Canada 8.0 3.0 4.0 3.4 Jan 11.3 3.3 4.1 4.2 Q4 3.4 2.4 2.6 2.6 Feb

France -4.9 2.1 -3.0 -8.9 Jan -3.4 2.0 0.9 -0.8 Q4 5.1 5.9 -0.4 -1.6 Q4

Italy -3.4 -3.7 -14.0 -12.0 Jan -4.6 -2.1 -6.4 -6.6 Q4 0.1 0.8 -0.9 H1 12

Spain -20.7 -21.0 -3.4 1.7 Jan -9.8 -8.9 -11.3 -12.1 Q4 -2.0 -7.4 -13.7 -12.8 Q4

Belgium -1.8 5.7 4.0 2.7 Dec 0.5 4.8 0.4 -1.6 Q4(2) 5.4 3.1 2.0 Q3

Greece -29.2 -28.1 -26.1 -19.0 Q4 -19.2 -21.0 -22.7 -22.2 Q4(6) -4.7 -5.5 -11.6 -13.2 Q4

Bulgaria -14.9 -12.8 -0.5 -4.4 Jan -18.3 -6.5 -1.0 1.5 Q4(3) -10.1 -6.1 -2.7 -1.4 Q4

Morocco - 2.6 4.2 0.4 -5.7 Q4(2) - - - 0.9 Q4

Egypt - 12.9 -2.9 8.0 9.3 Q4(2) -

China - 27.4 29.3 23.8 22.7 Feb(4) 6.5 1.3 -0.3 3.3 Mar(5)

Thailand - 6.6 -5.3 8.9 17.2 Q4(6) 1.0 3.1 1.2 3.9 Feb

India - 9.3 6.5 7.0 5.8 Q4(2) -

Notes: * yoy % ch, sa, unless otherwise indicated; (1) Production of dwellings ; (2) Gross value added; (3) Gross fixed capital formation; (4) Nominal investment in fixed assets: new construction; (5) Shanghai second-hand index; (6) nsa

Sources: Eurostat, OECD, National Statistics

MAIN CONSTRUCTION INDICATORS

MAIN CONSTRUCTION INDICATORS


Sources: BEA, Eurostat, US Census, OECD

-40

-30

-20

-10

0

90

100

110

120

130

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12 Q1-13

CPI (2010=100)CCI (% balance, rhs)

Construction Production Index and Confidence Indicator: Euro Area (sa)

45

60

75

90

105

120

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12 Q1-13

Euro area

US

(2008=100)

Permits Issues: Housing

Q1-13= avg Jan.-Feb.

-18

-12

-6

0

6

12

18

24

Residential Non-residential Government Total

Q1-12

Q2-12

Q3-12

Q4-12

Construction Investment: US (qoq % ch, saar)

-20

-16

-12

-8

-4

0

Residential Other Total

Q1-12

Q2-12

Q3-12

Q4-12

Construction Investment: Spain (qoq % ch, saar)

-4

-3

-2

-1

0

1

2

3


Q1-12

Q2-12

Q3-12

Q4-12

Construction Investment: France (qoq % ch, saar)

-15

-12

-9

-6

-3

0


Q1-12

Q2-12

Q3-12

Q4-12

Construction Investment: Italy (qoq % ch, saar)

N. 1 – April, 12th 2013


-20

-15

-10

-5

0

5

10

800

870

940

1,010

1,080

1,150

1,220

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Construction Investment (sa)

Level ($bn at 2005 prices, ar)Yoy % ch (rhs)

-40

-30

-20

-10

0

10

20

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Private residentialPrivate non residentialGovernment

Construction Investment by Type (yoy % ch, sa)

50

56

62

68

74

80

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

BMPI

CP

(2005=100)

Building Material and Cement Production Index (trend-cycle)

5

12

19

26

33

40

47

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

(hint: over 50 = expansion)

NAHB Housing Market Index (sa)

50

55

60

65

70

75

80

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

NAHB Housing Affordability Index (%)

4

6

8

10

12

14

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Months' Supply of Homes (ratio*)

* Houses for sale/Houses sold

0.4

0.5

0.6

0.7

0.8

0.9

1.0

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

StartsPermits

Housing Starts and Building Permits (mn, saar)

0.20

0.25

0.30

0.35

0.40

0.45

3.2

3.7

4.2

4.7

5.2

5.7

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

ExistingNew (rhs)

Home Sales (mn, saar)

UNITED STATES

UNITED STATES


Sources: US Census, National Association of Home Builders, Dept. of Labour, HSH Associates, Bureau of Economic Analy-sis, Standard & Poor’s, Bureau of Labour Statistics, OFHEO, RealtyTrac

17.8

18.1

18.4

18.7

19.0

19.3

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Home Vacancies (mn)

-6

-3

0

3

6

8

9

10

11

12

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Households and Non-Profit Organisations Home Mortgages

Level ($bn)

Yoy % ch (rhs)

2.0

3.0

4.0

5.0

6.0

7.0

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Home Mortgage Rates (%)

30-Year FRM1-Year ARM

45

65

85

105

125

145

165

7-10 10-10 1-11 4-11 7-11 10-11 1-12 4-12 7-12 10-12 1-13

Foreclosure Activity by Month ('000)

Pre-foreclosureAuctionBank repossessions

5.3

5.6

5.9

6.2

6.5

6.8

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Construction Employment (mn, sa)

40

50

60

70

80

90

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Residential investment

Case & Shiller real housing price

Residential Investment and Real Housing Prices

(2005=100)

-20

-15

-10

-5

0

5

10

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

FHFACase & Shiller Composite-20 Median sales prices (12 months ma)

Nominal Housing Prices (yoy % ch)

-24

-16

-8

0

8

16

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Middle AtlanticSouth AtlanticPacificWest South Central

OFHEO Nominal Regional Housing Prices(yoy % ch)

FRANCE

N. 1 – April, 12th 2013


Sources: OECD, Canada’s Statistics Agency, CMHC, Bank of Canada

-12

-6

0

6

12

18

200

212

224

236

248

260

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Level (Can$ bn at 2007 prices, ar)Yoy % ch (rhs)

Construction Investment(sa)

75

85

95

105

115

125

135

145

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Residential Other Construction

Construction Investment by Type(level, Can$ bn at 2007 prices, saar)

125

150

175

200

225

250

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Housing Starts ('000 saar, 4Q ma)

Level

4Q ma

0.0

2.0

4.0

6.0

8.0

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Permits Issued (Can$ tn, sa)

Total buildingsHomes

300

400

500

600

700

800

900

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Outstanding Households Mortgages (Can$ bn)

1.10

1.15

1.20

1.25

1.30

1.35

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13


88

94

100

106

112

118

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12


Real housing price

Residential Investment and Real Housing Prices

(2005=100)

-5.0

-2.5

0.0

2.5

5.0

7.5

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12


CANADA


-10

-5

0

5

10

15

185

195

205

215

225

235

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12


Level (€bn at 2005 prices, ar)Yoy % ch (rhs)

-45

-30

-15

0

82

88

94

100

106

112

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Construction Production Index and Confidence Indicator (sa)

CPI (2010=100)CCI (% balance, rhs)

74

82

90

98

106

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

BMPICP

(2010=100)

Building Material and Cement Production Index (sa, 12m ma)

-72

-54

-36

-18

0

18

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

New dwellingsImprovement and maintenance

Residential Expected Activity (% balance)

-60

-40

-20

0

5.0

5.5

6.0

6.5

7.0

7.5

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Order books (months)Opinion on order books (rhs)

Residential Order Books (% balance)

-70

-60

-50

-40

-30

-20

-10

0

10

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Expected activity

Order books

Public Works (% balance)

3

7

11

15

19

23

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Months' Supply of Homes (months)

50

68

86

104

122

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Stock of Unsold New Homes ('000)

FRANCE

FRANCE

N. 1 – April, 12th 2013


Sources: OECD, Ministere de l'Equipement, CGEDD, INSEE, European Commission, Banque de France, Eurostat

2.2

2.6

3.0

3.4

3.8

4.2

25

31

37

43

49

55

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Residential ('000)Non residential ('000 m2, rhs)

Permits Issued (3m ma)

1.5

1.8

2.1

2.4

2.7

3.0

20

26

32

38

44

50

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Residential ('000)Non residential ('000 m2, rhs)

Starts (3m ma)

14

17

20

23

26

29

32

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

New Home Sales: France ('000)

New house for sale

New house sold

2

3

4

5

6

7

8

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

New Home Sales: Ile de France ('000)

New house for sale

New house sold

550

600

650

700

750

800

850

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Existing Home Sales (cumulated on 12m)

2

4

6

8

10

12

650

700

750

800

850

900

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Level (€bn)Yoy % ch (rhs)

Outstanding Households Mortgages

90

96

102

108

114

120

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12


Real housing price

(2005=100)

Residential Investment and Real Housing Price

-2

0

2

4

6

8

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Nominal New Home Sales Prices (yoy % ch)

ITALY


-12

-9

-6

-3

0

120

135

150

165

180

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12



54

60

66

72

78

84

90

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Construction Investment by Type (level, €bn at 2005 prices, saar)

Residential Other construction

72

80

88

96

104

112

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Construction Production Index (sa)

(2005=100)54

64

74

84

94

104

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

BMPICP

(2010=100)

Building Material and Cement Production Index (sa, 12m ma)

-50

-45

-40

-35

-30

-25

-20

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Construction Confidence Indicator(% balance, sa)

ItalyEuro area

65

70

75

80

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Construction Confidence Indicator(12m ma)

Buildings

(2005=100)

2

3

4

5

6

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

ResidentialNon residential

Permits Issued (mn m2, 4Q ma)

9

11

13

15

17

19

100

120

140

160

180

200

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

ResidentialNon residential (rhs)

Total Buildings Sales ('000, 4Q ma)

ITALY

ITALY

N. 1 – April, 12th 2013


Sources: ISTAT, European Commission, Banca d'Italia, Eurostat, Agenzia del Territorio

-10

0

10

20

30

200

230

260

290

320

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Level (€bn)

Yoy % ch (rhs)


-48

-32

-16

0

16

32

6

8

10

12

14

16

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Level

Yoy % ch (rhs)

New Business Households Mortgages (4m ma)

-20

-10

0

10

20

30

40

50

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12 Q1-13

Last 3 months

Next 3 months

Banks' Credit Standards for Housing Loans(net %, 4Q ma)

2.0

2.9

3.8

4.7

5.6

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

AdjustableFixed


1.70

1.75

1.80

1.85

1.90

1.95

2.00

2.05

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12


80

100

120

140

160

180

200

220

240

260

H1-90H1-92H1-94H1-96H1-98H1-00H1-02H1-04H1-06H1-08H1-10H1-12

Nominal

Real

House Price Index

(1990=100)

SPAIN


-20

-15

-10

-5

0

30

38

46

54

62

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12



-70

-56

-42

-28

-14

0

70

86

102

118

134

150

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13


CPI (2010=100)

CCI (% balance, rhs)

-80

-60

-40

-20

0

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Housing Activity: Order Books(% balance)

Level

Future tendency0

4

8

12

16

8

18

28

38

48

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12

Housing Activity ('000, 3m ma)

Works completedPermits issued (rhs)

20

40

60

80

100

120

140

40

70

100

130

160

190

1-09 7-09 1-10 7-10 1-11 7-11 1-12

Public Works Tenders Indices (12m ma)

Central governmentTerritorial administration (rhs)

(2005=100)0

40

80

120

160

200

240

1-09 7-09 1-10 7-10 1-11 7-11 1-12

Public Works Tenders Indices (12m ma)

Total civil engeneeringRailway infrastructureRoads and Airports

(2005=100)

5

10

15

20

25

30

35

1-09 7-09 1-10 7-10 1-11 7-11 1-12

Housing Starts Index (3m ma)

(2005=100)20

50

80

110

140

170

200

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Home Sales ('000, 4Q ma)

TotalNewExisting

SPAIN

SPAIN

N. 1 – April, 12th 2013


Sources: INE, European Commission, Banco de Espana, OECD, Ministerio de Fomento

0

10

20

30

40

50

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Andalucía

Cataluña

País Vasco

Madrid

Regional Home Sales ('000, 4Q ma)

-4

0

4

8

12

16

590

600

610

620

630

640

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Level (€bn) Yoy % ch (rhs)


2.0

2.9

3.8

4.7

5.6

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Adjustable

Home Mortgage Rate (%)

1.0

1.3

1.6

1.9

2.2

2.5

2.8

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12


55

65

75

85

95

105

115

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12


Real housing price

(2005=100)

Residential Investment and Real Housing Price

-18

-12

-6

0

6

12

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

GeneralNew dwellingSecond-hand dwelling

Nominal Housing Prices: National (yoy % ch)

-18

-12

-6

0

6

12

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12


Nominal Housing Prices: Andalucia (yoy % ch)

-20

-15

-10

-5

0

5

10

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12


Nominal Housing Prices: Pais Vasco (yoy % ch)

SPAIN


Sources: European Commission, Belgostat

-25

-20

-15

-10

-5

0

5

80

90

100

110

120

130

140

1-08 7-08 1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12

CPI (2005=100)

CCI (% balance, rhs)


-15

-10

-5

0

5

10

15

-30

-24

-18

-12

-6

0

6

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Buildings Public works (rhs)

Construction Activity: Demand Prospects(% balance)

-20

-15

-10

-5

0

5

10

15

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

sa seriessmoothed series

Public Works: Numbers of Tenders(% balance)

0.06

0.10

0.14

0.18

0.22

0.26

2.6

3.4

4.2

5.0

5.8

6.6

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12

Residential

Non residential (rhs)

Permits Issued('000, 3m ma)

0.06

0.09

0.12

0.15

0.18

0.21

2.4

2.9

3.4

3.9

4.4

4.9

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12

ResidentialNon residential (rhs)

Starts ('000, 3m ma)

4

6

8

10

12

115

130

145

160

175

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12


Level (€bn)

Yoy % ch (rhs)

2.5

3.0

3.5

4.0

4.5

5.0

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13


Adjustable

Fixed

-4

-2

0

2

4

6

8

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Nominal Existing House Price Index (yoy %ch)

BELGIUM

N. 1 – April, 12th 2013


Sources: European Commission, Bank of Greece, National Statistical Service

-28

-21

-14

-7

0

8

14

20

26

32

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Construction Investment

Level (€bn at 2005 prices, ar)

Yoy % ch (rhs)

30

50

70

90

110

130

150

170

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Construction Production Index (wda)

Level

4Q ma

(2005=100)

-80

-70

-60

-50

-40

-30

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Construction Confidence Indicator (% balance, sa)

1

2

3

4

5

6

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-130.2

0.4

0.6

0.8

1.0

1.2

PIP disb. (€ mn, rhs) Housing Permits

Construction Activity (12m ma, '000)

-60

-30

0

30

60

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Home Sales (yoy % ch)

-8

-4

0

4

8

12

73

75

77

79

81

83

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13


Level (€bn) Yoy % ch (rhs)

2.5

3.0

3.5

4.0

4.5

5.0

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Home Mortgage Rate (%)

Adjustable-16

-12

-8

-4

0

4

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

TotalNew (up to 5 years old)Old (over 5 years old)

Nominal Housing Prices Index (yoy % ch)

(2007=100)

GREECE

SPAIN


Sources: Eurostat, European Commission, National Institute of Statistics, Bulgarian National Bank

-30

-20

-10

0

10

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Construction Production Index (yoy % ch, sa)

(2005=100)-60

-50

-40

-30

-20

-10

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Construction Confidence Indicator (% balance, sa)

1.0

1.2

1.4

1.6

1.8

0

4

8

12

16

20

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Residential buildings

Other buildings (rhs)

Permits Issued ('000, 3Q ma)

-8

22

52

82

112

2

3

4

5

6

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12


Level (Bg lev bn) Yoy % ch (rhs)

6.7

7.4

8.1

8.8

9.5

10.2

10.9

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

LevEuro

Home Adjustable Mortgage Rates (%)

-30

-15

0

15

30

45

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12


BULGARIA

N. 1 – April, 12th 2013


Sources: Haut-Commissariat au Plan, ANCFCC

Source: Ministry of Finance

-8

0

8

16

9

10

11

12

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Level (MADbn at 1998 prices, ar)Yoy % ch (rhs)

Real Construction Value Added (sa)

160

180

200

220

240

260

Q1-08 Q4-08 Q3-09 Q2-10 Q1-11 Q4-11 Q3-12

Level

4Q ma

(1998=100)

Cement, Lime and Gypsum Production Index

-40

-30

-20

-10

0

10

20

30

Q4-09 Q2-10 Q4-10 Q2-11 Q4-11 Q2-12 Q4-12

Houses Sold (yoy % ch)

-6

-4

-2

0

2

4

6

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12


-10

-5

0

5

10

15

20

7

8

9

10

11

12

13

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Level (EGPbn at 06-07 prices)Yoy % ch (rhs)

Real Construction Value Added

120

150

180

210

240

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Construction Production Index

Index number (2002=100)4Q ma

EGYPT

MOROCCO


Sources: OECD, National Bureau of Statistics, Ehomeday

Sources: OECD, Office of Economic Advisor, National Housing Bank

5

15

25

35

45

55

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

New Construction

Expansion

Reconstruction

Nominal Construction Investment (yoy % ch)

94

96

98

100

102

104

106

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Real Estate Climate Index

0

4

8

12

16

20

24

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Buildings Production (mln m2,12m ma, yoy % ch)

-2

0

2

4

6

8

10

12

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13


0

3

6

9

12

2.8

3.3

3.8

4.3

4.8

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Level (INRtn at 04-05 prices, ar)Yoy % ch (rhs)

Real Construction Value Added

60

100

140

180

220

260

300

340

2007 H2-08 H2-09 Q2-10 Q4-10 Q2-11 Q4-11 Q2-12 Q4-12

Delhi

MumbaiHyderabad

Chennai

Nominal Housing Price Index (2007=100)

CHINA

INDIA

N. 1 – April, 12th 2013


Source: Bank of Thailand

-20

-10

0

10

20

30

250

275

300

325

350

375

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Construction Investment(sa)

Level (THBbn at 1988 prices, ar)Yoy % ch (rhs)

135

150

165

180

195

Q1-06 Q1-07 Q1-08 Q1-09 Q1-10 Q1-11 Q1-12

Construction Investment by Type(THBbn at 1988 prices, saar)

Private Public

40

45

50

55

60

65

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Total Investment Sentiment Index

PresentExpected

(hint: over 50 = expansion)108

120

132

144

156

168

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

CMPI (2000=100)12m ma

Construction Materials Production Index

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

ResidentialNon residential

Construction Areas Permitted (mn m2, 12m ma)

6.3

6.8

7.3

7.8

8.3

8.8

9.3

9.8

1-09 7-09 1-10 7-10 1-11 7-11 1-12 7-12 1-13

Housing Starts in Bangkok and Vicinity ('000, 12m ma)

7.5

9.0

10.5

12.0

13.5

15.0

1300

1500

1700

1900

2100

2300

Q1-08 Q1-09 Q1-10 Q1-11 Q1-12


Level (THBbn)

Yoy % ch (rhs)

-2

0

2

4

6

8

10

3-09 9-09 3-10 9-10 3-11 9-11 3-12 9-12


THAILAND

Documents

Construction Profile in ITC Group Countries · ITALCEMENTI GROUP-E&S Studies – Construction Profile page 5 Sources: US Census, National Association of Home Builders, Dept. of Labour,