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1、SPECIAL REPORTThe Search for Growth in the European Building and Construction Sector Annual European Contractor Survey SPECIAL REPORT1.Overview 32.Persistent market pressures 54.Sustainable solutions as a strategy 95.Digitisation on the rise 126.Looking ahead 16Contents2 Annual European Contractor S

2、urvey 3Annual European Contractor SurveyThe European building and construction sector stands at a crossroads.After enduring several years of unprecedented challenges marked by surging interest rates,persistent inflation,and wavering consumer and business confidence market participants face a critica

3、l decision.While there is increasing consensus that markets have reached the bottom of the cycle,the timing of recovery remains unclear.In the face of this dilemma,do participants retreat to the safety of familiar short-term cost-cutting measures or do they invest more boldly in the long-term strate

4、gies that will define the future of their businesses?Following this prolonged period of disruption and uncertainty in key European markets,resulting in suppressed demand and margin pressures,many participants across the building and construction value chain are cautiously starting to plan how to pos

5、ition themselves for growth.At this critical juncture,L.E.K.Consultings long-running European Contractor Survey reveals important perspectives on the path ahead.Our survey results show a sector in flux,where the pressing need to secure the bottom line often overshadows vital,longer-term imperatives,

6、including building safety assurance,sustainability and productivity.Yet,beneath this tension lies a powerful narrative of resilience.Contractors that embrace innovation,prioritise key growth areas such as energy efficiency and invest in digital transformation are not just surviving;they are position

7、ing themselves to thrive as market conditions improve.Suppliers that can support contractors in these aims also stand to reap the rewards as demand recovers.OverviewSPECIAL REPORT 4Annual European Contractor SurveyKey takeawaysSPECIAL REPORT1.Persistent market pressures Contractors are grappling wit

8、h a range of economic challenges that have led many to focus on securing contracts and reducing costs as immediate priorities.2.Sustainable solutions as strategy While economic pressures have impacted the short-term prioritisation of sustainability for some firms,it remains a key long-term strategic

9、 focus for many,particularly larger firms.These companies view sustainability not just as a regulatory requirement but as an opportunity for innovation and value creation.Energy efficiency is a priority given its potential to reduce both carbon emissions and operating costs.3.Digitisation on the ris

10、e The building and construction sector,traditionally slower to adopt technology,is beginning to embrace digital tools that enhance efficiency and project outcomes.Larger firms,in particular,are leading the way in integrating technology into their operations to stay competitive in an evolving market.

11、4.Looking ahead The sector faces challenges,but early signs of recovery are emerging for 2025.Contractors that effectively balance short-term needs with investments in sustainability and digitisation will be well-positioned for success.About the L.E.K.European Contractor SurveyThe annual L.E.K.Europ

12、ean Contractor Survey offers a comprehensive examination of the attitudes and behaviours of 1,000 contractors and tradespeople across key European markets,covering the UK,France,Germany and Spain.The survey provides valuable insights into how contractors are balancing immediate operational needs wit

13、h longer-term goals in a period marked by economic uncertainty.Participants in the survey represent a broad spectrum of firms,with revenues ranging from under 1 million to over 50 million.The survey focuses on understanding purchasing behaviours,strategic priorities,and adopting sustainable approach

14、es and technology.Respondents were recruited through online panels,and results were analysed by our in-house team.5Annual European Contractor SurveyThe European building and construction sector has faced a period of extreme difficulty,with economic conditions remaining highly challenging across the

15、continent.Total construction output in the UK,Germany and France is projected to decline further in 2024,following difficult market conditions that have persisted to a greater or lesser degree since 2022.Weakness in the residential sector has been a common issue across geographic markets.New build a

16、ctivity,in particular,has been impacted by higher mortgage rates and inflated material costs,while the rising cost of living and broader loss of consumer confidence have now also impacted residential RMI.Broader economic uncertainty has impacted non-residential sectors,and while there have been pock

17、ets of greater activity levels(mercial refurbishment as part of the flight to quality in the UK and efforts to improve tertiary and collective residential building energy efficiency in France),these have been offset by softness in privately funded new build activity.Skills shortages are also a major

18、 challenge;in the UK,the CPA estimates 350,000 tradespeople have left the workforce in the past five years.The outlook for recovery is uneven,with timing expected to vary by country.The earliest signs of improvement are anticipated around the turn of the year,but there is still considerable uncertai

19、nty and sensitivity to macroeconomic conditions and political developments.Despite these challenges,structural drivers of growth,such as the acute housing shortfall and critical infrastructure needs,remain intact,and a broader market recovery is expected to begin in 2025.This is likely to be led by

20、the UK,with France and Germany further behind.Spain has avoided the broader downturn experienced elsewhere,although non-residential has stagnated in 2024,with modest recovery at low growth expected in 2025.In the UK,the residential sector is expected to return to growth in 2025,albeit from a low bas

21、e of activity,with potential for longer-term upside should the new Labour governments commitment to increase housebuilding come to fruition.In France,total construction output is not expected to grow until 2026,although there may be an earlier return to growth in non-residential construction alongsi

22、de ongoing resilience in infrastructure.The economic environment in Germany is expected to suppress overall construction market growth for some time,albeit with some stabilisation in non-residential expected in 2025;recovery in residential is not expected before the end of 2025 or into 2026.As contr

23、actors navigate these tough conditions,the focus remains on short-term operational concerns.However,there is a recognition that preparing for the eventual recovery requires careful balancing of immediate needs with strategic investments.SPECIAL REPORTPersistent market pressuresThe imperatives for th

24、e sector are clear,with a need to uphold and improve vital building safety standards,address structural productivity challenges(contending with skills shortages),and meet demanding environmental sustainability goals.In this context,sustainability-focused innovation and digitisation can be important

25、strategic choices,and firms that can strike this balance are likely to be better positioned for success as the market begins to stabilise.6Annual European Contractor Survey“After a challenging and disrupted period,the construction sector must move beyond short-term fixes and lay the groundwork for f

26、uture competitiveness.By prioritising operational efficiency and advancing sustainability and digital innovation,industry players will not only meet todays demands but also be well-positioned to lead as the market regains momentum.”TOM DIPLOCK,PARTNER&HEAD OF EUROPEAN B&C PRACTICE SPECIAL REPORT 7An

27、nual European Contractor SurveyContractor priorities and strategic imperativesIn the face of these challenging market conditions,it is not surprising that contractors are prioritising fundamental operational and commercial concerns(see Figure 1).The survey identifies securing new contracts,improving

28、 workplace safety and reducing operating costs as the highest-rated priorities among contractors.In Germany and Spain,securing financing has become a particularly significant concern,reflecting the difficulties contractors face in accessing capital in a tightening financial environment.This concern

29、is further exacerbated by the ongoing skills shortage,which is impacting labour costs and productivity across all geographies.These short-term business considerations have taken precedence over longer-term objectives,such as sustainability and technology adoption.Figure 1Top strategic priorities*3%5

30、%4%5%6%6%11%4%4%5%4%6%7%4%4%5%6%6%8%8%8%9%9%10%12%11%14%13%15%17%17%15%15%17%21%22%24%19%24%24%23%23%23%28%27%30%27%29%27%24%25%24%23%37%32%29%23%24%18%17%17%17%13%05101520253035404550556065707580859095100Winning new contracts/clientsImproving workplace safety/accident preventionReducing operational

31、/material costsTalent/labour management(e.g.labour shortages,acquisition,retention,upskilling,training)Securing financing/fundraisingSustainability/environmental,social and governance(ESG)activitiesDigitisation initiatives(e.g.automating contract generation)Diversity,equity and inclusion initiatives

32、(DEI)Investing in technology(e.g.drones,construction management sofware)Seeking M&A opportunities12345675.75.65.65.35.25.04.94.94.94.5Weighted average rating(N=841)SPECIAL REPORT*Survey question:How important are each of the following priorities to you/your companys broader strategy this year(2023)?

33、Please rate each priority on a scale of 1 to 7 where 1 is not at all important and 7 is very important Source:L.E.K.European Contractor Survey 2023 8Annual European Contractor SurveyHowever,despite this reordering of priorities,long-term strategic imperatives remain crucial.Contractors continue to v

34、iew sustainability and digitisation as important opportunities for the future(see Figure 2).The need to decarbonise,improve building energy efficiency,meet building safety standards and improve productivity amidst a skills shortage are all driving factors that underscore the importance of these area

35、s.Notably,the importance of sustainability and digitisation is closely correlated with the size of the firm,with larger contractors likely to see greater opportunity in more transformational projects.Figure 2Importance of sustainability and digitisation to company strategy,by company sizeImportance

36、of sustainabilityto company strategy*Importance of digitisationto company strategy*0204010060806%6%6%10%10%5%21%17%9%6%17%25%31%26%24%27%32%30%15%14%20%30%10m-50mPercentage of respondents(N=786)4%50m765432102040100608010m-50m50m8%7%10%10%5%8%20%18%16%23%21%30%23%39%19%24%25%24%14%11%25%5%4%4.74.95.4

37、5.74.54.95.35.7Weighted averageSPECIAL REPORT*Survey question:How important are each of the following priorities to you/your companys broader strategy this year(2023)?Please rate each priority on a scale of 1 to 7 where 1 is not at all important and 7 is very important Source:L.E.K.European Contract

38、or Survey 2023 9Annual European Contractor SurveySustainability has taken on significant strategic importance in recent years,evolving from a regulatory burden focused on internal operations to a broader strategic opportunity based around sustainable solutions.The survey highlights the importance of

39、 several key drivers for sustainability-focused action,including regulatory requirements,cost savings,and growing consumer and client expectations for environmentally responsible practices(see Figure 3).While short-term economic pressures have influenced the relative prioritisation of sustainability

40、,it remains a critical long-term focus for many contractors,given the real commercial incentives that have come into play over the past few years.Nonetheless,prevailing market conditions place even more emphasis on demonstrating cost savings and return on investment.Figure 3Factors that drive sustai

41、nable action adoption*(2022-2023)02040608032534625354536186255474627262312SubsidiesHigher materialperformance Customers requestRegulationHigher profitsProfessional competitiveadvantage vs.other contractors Ethical decisionCorporate/shareholder pressures 20222023Increasing importanceDecreasing import

42、ancePercentage of respondents(N=841)SPECIAL REPORTSustainable solutions as a strategy*Survey question:Please rank the factors that are currently driving sustainability in your sectorSource:L.E.K.European Contractor Survey 2023 10Annual European Contractor Survey When considering the applications of

43、sustainability,contractors highlight the importance of sustainable building materials and building performance and it is these two categories that have the greatest impact on decarbonisation of the built environment.The relative importance of building performance has notably increased for larger con

44、tractors given the twin benefits of operational cost savings and reduced carbon emissions(see Figure 4).This is an area where return on investment can be more readily demonstrated,with particular demand in the market for solutions that provide rapid payback.Solution providers must balance the opport

45、unity related to these short-term projects with the innovation required to deliver solutions that meet longer-term decarbonisation goals,where greater levels of investment are required.Moreover,the survey highlights that the use of sustainable materials,such as those with low embedded carbon and rec

46、ycled content,remains an important topic despite concerns about customer willingness to pay for higher-cost materials.It is notable that sustainable materials are seen as consistently relevant by contractors of all sizes and spend categories,in contrast to building performance,which is materially mo

47、re important to larger contractors.Figure 4Applications of sustainability at work for larger contractors(50m)*10080604020Percentage of respondents44706048Building performanceSustainable materials2022(N=1,025)2023(N=841)0SPECIAL REPORT“Demonstrating cost savings and clear returns on sustainability ef

48、forts is becoming increasingly important in todays market conditions.”FRDRIC DESSERTINE,PARTNER *Survey question:How does sustainability apply to your work?Please select all the propositions which you consider relevant among the followingNote:Excludes those who selected unsure/do not knowSource:L.E.

49、K.European Contractor Survey 2022;L.E.K.European Contractor Survey 2023 11Annual European Contractor SurveyNotwithstanding short-term priorities,the survey suggests that more forward-thinking businesses will continue to invest in sustainability as a long-term strategy.This approach not only position

50、s them to meet regulatory requirements but also aligns with growing commercial opportunity and the increasing demand for energy-efficient buildings(often focused on improved insulation and more efficient heating,ventilation and air-conditioning solutions).Contractors and suppliers that can meet thes

51、e expectations are likely to find themselves in a stronger position as the market begins to recover.The continuing maturity in strategic thinking on sustainability is illustrated by the fact that more than 60%of contractors describe their approach as progressive or innovative(see Figure 5),with less

52、 than 40%having minimalist or pragmatist positions a significant move forward from the prior year.Figure 5How contractors identify the role of sustainability in their strategy2505075100Percentage of respondents(N=1,025)Percentage of respondents(N=841)Maturity of sustainability in companies strategy1

53、1%15%17%19%15%44%50%48%49%47%21%11%19%16%17%17%18%15%15%16%6%6%4%(2023)1%2%9%28%31%11%21%22%28%31%34%29%30%25%23%26%26%27%17%13%25%20%12%4%Strategic maturity of sustainability,by country*(2022)UK1%Germany2%France3%SpainTotalUKGermany FranceSpainTotalHighLowNot yet started not yet reached a stage of

54、clarifying an overall goal with respect to sustainabilityMinimalist focusing only on meeting regulatory compliance and disclosure obligations around sustainability issuesPragmatist using a risk-based approach to decision-making to mitigate operational and reputational risks from sustainability issue

55、sProgressive considering sustainability to the extent it is demanded by customers or promoted by distributors and beginning to integrate sustainability as a business strategyInnovator sustainability is driving the strategic agenda and is leveraged by the firm as a major source of value creationSPECI

56、AL REPORT*Survey question:Today,how would you best describe your approach to sustainability?Source:L.E.K.European Contractor Survey 2022;L.E.K.European Contractor Survey 2023SPECIAL REPORT 12Annual European Contractor SurveyIn addition to the sustainability imperative,the building and construction s

57、ector is currently facing other significant challenges that technology solutions can help address,including labour shortages,changing customer behaviours and building safety imperatives.However,technology adoption in the sector has historically lagged that of other sectors given some unique characte

58、ristics,including process variability,project economics and value chain complexity(see Figure 6).Figure 6Key barriers to technology adoption in the building and construction sectorDigitisation on the rise1.Construction process variability Non-standard buildings/units Lack of controlled environment o

59、nsite Variation in team experience and skill level 2.Value chain complexity Fragmentation and lack of consistent,high-quality data across the value chain Limited willingness to pay for technology solutions Misalignment of investment and benefit accrual3.Project economics Typical low margins impede i

60、nvestment Focus on risk minimisation disincentivises novel approaches Limited incentive to invest for long-term future payback4.Mindset and behaviours Norms-based approach prevails Demographic with mixed appetite for technology Capability gaps not a home for technology talent Source:L.E.K.European C

61、ontractor Survey 2023SPECIAL REPORT 13Annual European Contractor SurveyOne of the primary challenges is the sectors reliance on traditional ways of working that have been in place for decades.While these can be effective,they are often labour-intensive and can be slow to adapt to changing market con

62、ditions.However,demographics and attitudes towards technology are changing,partly as contractors transfer behaviours that they already exhibit in their lives as consumers.As an example,the share of goods ordered via digital channels(i.e.websites and apps)has increased markedly from 2019 to the prese

63、nt,with continued expectation of growth(see Figure 7).Contractors increasingly seek information for themselves,with 65%regularly researching products(up from 52%in 2022),which may be driven by increasing interest in product cost and performance.For this research,97%of contractors will use websites(a

64、nd 83%mobile apps),further underlining their digital native status.The adoption of digital tools,such as construction management software,is also becoming increasingly common.This is particularly the case among larger contractors,which are leveraging these technologies to streamline operations and i

65、mprove project outcomes(see Figure 8).These digital tools enable contractors to manage their projects more efficiently,reducing the time and cost associated with manual processes.Figure 7Share of digital ordering by contractors over time(2019-2024)10080604020042%50%55%58%2019202120232024ENon-digital

66、DigitalPercentage of respondents(N=800+)*Survey question:How has your use of different methods of ordering changed over time,and how do you expect it to evolve going forward?Source:L.E.K.European Contractor Survey 2023SPECIAL REPORT 14Annual European Contractor Survey The benefits of digitisation ar

67、e clear.Digital tools can enhance project management,improve communication and collaboration,and provide real-time insights into project performance.These capabilities are particularly valuable in a market where margins are tight and the cost of delays or overruns can be significant.Building safety

68、imperatives and requirements for compliance with increasingly stringent regulation are leading to increasing adoption of building information modelling software and digital solutions to maintain a golden thread of information throughout the building lifecycle.It is mission-critical to meet these req

69、uirements,and leaders in digitisation are likely to gain a competitive advantage.Figure 8Adoption of technology,by business process and company size*(2023)012345674.84.84.74.75.35.25.15.15.55.45.35.35.85.65.85.6Design/estimationProject financialsAutomating back-office tasksProject planning/managemen

70、t10m-50m50mAverage grade(1-7)“Digitisation has clear advantages in construction and the built environment,from streamlining processes to enabling better design and ensuring compliance with evolving regulations.Development and adoption of digital solutions throughout the building lifecycle will be a

71、key driver of success in the industry.”JONATHAN HILLCOAT,PARTNER *Survey question:To what extent do you(or your company)use technology to help with the following aspects of your job?Source:L.E.K.European Contractor Survey 2023SPECIAL REPORT 15Annual European Contractor SurveyLooking forward,the role

72、 of technology in the building and construction sector is poised to expand significantly.The survey supports the potential for a broader digital transformation,with advanced technologies such as drones,3D printing and artificial-intelligence-driven analytics beginning to gain traction(see Figure 9).

73、The adoption of digital tools is particularly evident among larger contractors,which have the resources to invest in new technologies and the scale to implement them effectively across multiple projects.Increasingly,these firms view technology not just as a way to improve efficiency,but as a fundame

74、ntal enabler of new ways of working.Meanwhile,smaller firms,though historically slower to adopt,are beginning to recognise the potential benefits as innovative suppliers develop solutions that are affordable and easy to use.This trend is expected to continue,with digital tools becoming more integrat

75、ed into the construction process,from initial design through to final delivery.Figure 9Expected new users of disruptive technologies*(2023-2026)Percentage of respondents(N=841)Onsite roboticsDrones(e.g.for inspection)Artificial intelligenceAugmented or virtual reality toolsCMS for contracts,bids and

76、 tendersBIM for modellingCMS for design,project planning and schedulingConstruction productivity mobile apps(e.g.PlanGrid)Digital energy efficiency tracking/reduction toolsDigital or online employee training/certificationsDigital or online customer services toolsCMS for electronic data interchange o

77、f invoicesCMS for labour/site access management87652211000-1-1-50510TraditionalDisruptiveFocus area*Survey question:Which specific technologies do you use to help assist with your construction projects and/or business management?Which ones do you expect to adopt over the next 3 years(2026)?Note:New

78、users defined as those who reported no usage of a given technology at present,but expected to adopt the technology over the next three years;CMS=customer management software;BIM=building information modelling softwareSource:L.E.K.European Contractor Survey 2023SPECIAL REPORT 16Annual European Contra

79、ctor Survey The L.E.K.European Contractor Survey paints a picture of a sector in transition.Contractors,as well as suppliers,are grappling with immediate operational challenges while also recognising the need to invest in long-term strategic priorities such as sustainability and digitisation.They wi

80、ll need continued focus on demonstrating value for money,while ensuring the commercial excellence in sales and marketing that is required to succeed in a competitive market.Demonstrating return on investment is critical for shorter-term opportunities in sustainable solutions,with building performanc

81、e being a key focus area in enabling cost savings alongside decarbonisation.At the same time,many companies must address the commercial impact of tightening regulations,such as carbon taxes,while others need to continue to reduce emissions in line with their commitments and strategies.Contractors ad

82、opting digital solutions can achieve cost efficiencies.This presents a significant near-term opportunity for suppliers of digital tools that enhance operational efficiency while meeting critical building safety requirements.The firms that successfully navigate this balance investing in future growth

83、 areas while managing present-day challenges will emerge strongest,ready to capitalise on the opportunities that the future holds.“Now is the perfect time for producers and distributors to review and develop their sales approach,refine value-creating services,and provide digital solutions and truly

84、sustainable products to address their target groups more successfully.This would set the stage for market share gain with a foreseeable market turnaround in the second half of 2025.”FLORIAN KAISER,PARTNER Looking ahead 17Annual European Contractor SurveySPECIAL REPORTHow L.E.K.can helpHere at L.E.K.

85、,we are combining the data and insights from research like our Annual European Contractor Survey with deep industry experience and expertise to help guide clients during this time of great change in the market.Our insights into changing customer behaviours help manufacturers,distributors and merchan

86、ts shape their sales strategies and develop the right products and customer experiences.Sustainability is a defining strategic issue across every industry.Our sector experts and Centre of Excellence are focused on helping businesses across the building and construction value chain understand the iss

87、ues impacting the sector and harness the opportunities to create commercial value from sustainability.18Annual European Contractor SurveyFrdric Dessertine|F.DFrdric Dessertine joined L.E.K.Consulting in 2005 and is a Partner in the Paris office.He brings 27 years of experience in management consulti

88、ng and leads client case team projects focused on strategy and value creation.He has extensive experience working in the building&construction,agribusiness and technology sectors in Europe and Asia.Tom Diplock|T.DTom Diplock is a Partner based in L.E.K.Consultings London office,and has over 18 years

89、 experience with the firm.He heads our European Building&Construction practice,and also has experience across a range of other end markets including energy and environment,industrial equipment and technology,and industrial services.He advises clients on a range of critical issues including growth st

90、rategy development,performance improvement,and transaction support,with a particular focus on the impact of sustainability,digital,data and other major trends on the built environment.Jonathan Hillcoat|J.HJon Hillcoat is a Partner in L.E.K.Consultings Industrials practice,based in London.He has a pa

91、rticular focus on building and construction with expertise in building technology and the impact of sustainability and other megatrends on the sector.Jon has extensive experience developing growth strategies and providing M&A support to companies and investors across the building and construction va

92、lue chain.He also has wider expertise across the industrials sector,with strategy and transaction experience in industrial equipment and technology,aerospace and defense,automotive and renewable energy.Florian Kaiser|F.KFlorian Kaiser is a Partner in L.E.K.Consultings Munich office and member of the

93、 Industrials practice.He brings over 20 years of experience in management consulting.Florians primary focus areas are in strategy development,marketing&sales and organisational development.He has extensive experience and expertise in the building products&materials sectors in Europe and DACH region.

94、Florian advises clients on strategies to realise substantial growth in a landscape prone to changing technology,a high degree of fragmentation,and regulator and work force constraints.His expert commentary is regularly published in several sector-specific publications.SPECIAL REPORTAbout the authors

95、About L.E.K.ConsultingWere L.E.K.Consulting,a global strategy consultancy working with business leaders to seize competitive advantage and amplify growth.Our insights are catalysts that reshape the trajectory of our clients businesses,uncovering opportunities and empowering them to master their mome

96、nts of truth.Since 1983,our worldwide practice spanning the Americas,Asia Pacific and Europe has guided leaders across all industries from global corporations to emerging entrepreneurial businesses and private equity investors.Looking for more?Visit .L.E.K.Consulting is a registered trademark of L.E.K.Consulting LLC.All other products and brands mentioned in this document are properties of their respective owners.2024 L.E.K.Consulting LLC