The need to upgrade infrastructure is as strong overseas as it is in the U.S.
Europe in particular is investing heavily in its road and rail projects, both as a means of stimulating national economies and as a way to provide faster access to markets. This work will create many opportunities for the construction industry.
Currently, there are almost 900 Construction Intelligence Center (CIC) road and rail projects in Europe, totaling $1.43 trillion. The projects are in 14 countries in the region. The average value of the road and rail projects across the almost 900 projects tracked is $1.6 billion. These projects are at various stages of development and fall into four main categories: railways, roads, trams and metros, and tunnels and bridges.
Railway projects dominate the investments, with a combined value of $782.3 billion, accounting for 55 percent of the total value. Russia is leading the charge, with a project pipeline value of $343.9 billion. The $157 billion Moscow-Yekaterinburg High Speed Railway Line is one of the largest projects in the pipeline.
The U.K.'s project pipeline has a value of $274.4 billion, and comprises high-value railway projects, notably the Crossrail projects linking east to west and north to south across London, and the High-Speed 2 (HS2) project. Denmark and Switzerland account for the road and railway projects with the lowest values, with $22.1 billion and $24.1 billion, respectively.
Some parts of Europe are under-investing in road and rail infrastructure, and this appears to be the case in Germany. Germany’s projects in the sector amount to $67.1 billion. France is continuing to invest substantially in railways, with its overall road and rail project pipeline having a value of $259.5 billion. Turkey has prioritized its transport infrastructure investment under the government’s Vision 2023 strategy to develop the country’s economy and meet the demands of the tourism industry. It has a project pipeline of $100.4 billion.
These improvements and projects will only strengthen Europe’s road and rail infrastructure that connects the continent.