Upcoming Trade Shows in Belgium for Building & Construction

Belgium, like many of its neighbors, is faced with higher interest rates in addition to rising material costs. On paper, things look grim, but Belgium’s building and construction sector managed a respectable performance in 2022. Nevertheless, an expected comedown arrived the following year. The reason? A trickle in building permits. Few permits were being handed out whether for new housing, renovations or commercial properties. In the fourth quarter of 2022, the Belgian construction sector demonstrated growth of 2.4% year-on-year and 1% quarter-on-quarter. While this is a positive trend driven by robust order books and favorable weather conditions, the sector still lags 3.4% below pre-pandemic levels. What we’re currently looking at is a slow recovery process that may continue up to 2025. This sits in stark contrast to the broader Belgian economy, which surpassed pre-pandemic levels in the same period. Notably, the Belgian construction sector outperformed its counterparts in neighboring countries. While France and Germany experienced negative growth in the fourth quarter of 2022, Belgium maintained positive momentum. Factors contributing to this outperformance include a reduced VAT rate for demolition and reconstruction, heightened demand during the pandemic, and regional support for energy-efficient renovations. The sector witnessed a pinnacle in business confidence in March 2022, only to face a rapid decline thereafter, influenced by rising construction material prices, macroeconomic uncertainties and increased interest rates. Recent months, however, indicate a stabilization in confidence, attributed to falling energy prices, inflation, and a more resilient economy. While confidence has inched up in February, it's too early to confirm a definitive turnaround. Still, the country is not out of the woods yet. The sector continues to suffer from a slow licensing policy. However, the long-term outlook remains favorable, supported by ongoing factors such as regional initiatives for energy-efficient renovations and sustained demand for construction and renovations.