Construction in Estonia to 2017

Construction in Estonia - Key Trends and Opportunities to 2017
Synopsis
This report provides detailed market analysis, information and insights into the Estonian construction market,
including:
The Estonian construction market’s growth prospects by sector, project type and type of construction
activity Analysis of equipment, material and service costs across each project type within Estonia Critical
insight into the impact of industry trends and issues, and the risks and opportunities they present to
participants in the Estonian construction market Assessment of the competitive forces facing the construction
industry in Estonia and profiles of the leading operators Data highlights of the largest construction projects in
Estonia.
Executive summary
The Estonian construction industry recorded a CAGR of -6.69% during the review period. The housing
market cooled in 2008 as interest rates began to rise and banks tightened their lending conditions. Deflation in
the property market was one of the main reasons for the decline in domestic demand and was a major
contributor to the country witnessing an economic contraction of over 14% in 2009. Investment in the
infrastructure construction market went some way to supporting the construction industry during the period of
economic downturn, recording the lowest decline in all construction markets during the review period, at
-0.08%. Overall, a balanced growth with a focus on quality is forecast for the Estonian construction industry.
Timetric expects the Estonian construction industry to record a CAGR of 5.83% over the forecast period.
Scope
This report provides a comprehensive analysis of the construction industry in Estonia:
Historical (2008-2012) and forecast (2013-2017) valuations of the construction market in Estonia using the
construction output and value-add methods Segmentation by sector (commercial, industrial, infrastructure,
institutional and residential) and by project type Breakdown of values within each project type, by type of
activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost
(materials, equipment and services) Analysis of key construction industry issues, including regulation, cost
management, funding and pricing Assessment of the competitive environment using Porter’s Five
Forces analysis Detailed profiles of the leading construction companies in Estonia
Reasons to buy
Identify and evaluate market opportunities using our standardized valuation and forecasting methodologies
Assess market growth potential at a micro-level via 600+ time series data forecasts Understand the latest
industry and market trends Formulate & validate business strategies by leveraging our critical and actionable
insight Assess business risks, including cost, regulatory and competitive pressures Evaluate competitive risk
and success factors
Key highlights
Estonia’s real GDP growth dropped sharply from 8.3% in 2011 to 3.2% in 2012, owing to weak
external demand emanating from the eurozone crisis. Reflecting weak external demand from Russia, Finland
and Sweden (its key trading partners), export growth decelerated sharply from 22.9% and 23.4% in 2010 and
2011 respectively to 5.6% in 2012. Private consumption, which accounts for 52% of GDP, grew at a faster

pace, from 3.6% in 2011 to 4.5% in 2012, supported by enhanced consumer spending and retail activity. Gross
capital formation remained robust, recording a growth of 25.9% and 20.9% in 2011 and 2012 respectively, as
new projects supported by EU funds and sale of CO2 emission allowances supported investment activity. Due
to a slowdown in construction during the economic downturn, commercial real estate supply lags behind
demand. There is an acute shortage of Grade-A office space and good quality Grade-B buildings. Since
adopting the euro, interest from foreign investors has grown significantly, with major interest coming from
Swedish and Finnish companies. Additionally, the country’s IT sector has performed well even
through the crisis and will demand good office space. The construction of retail buildings is expected to be
supported by some large projects in the pipeline. Large shopping centers such as Rocca al Mare, Ülemiste and
Kristriine are planning and executing extensions. Linstow International, the owners and developers of the
Ülemiste centre in Tallinn have announced a EUR30 million extension for the centre, making it the largest
mall in Estonia. Estonia recovered quickly from the financial crisis, helped by a focus on cutting expenses and
reducing labor costs. This has helped in increasing the competitiveness of Estonian firms in world markets. In
2012, machinery and equipment accounted for 29% of the country’s total exports. The importance of
machine building, electronics and metalworking has increased significantly in recent years and has now
become one of the leading sectors for the Estonian economy. Positive prospects for the machinery and
equipment manufacturing category are anticipated to increase the demand for corresponding types of
manufacturing plants. Considering the importance of the energy sector and the freight industry to the
economy, and to maintain the competitiveness of Estonian manufacturing, the government is expected to
maintain high levels of spending on infrastructure. Estonia has set itself the target of increasing the share of
renewable energy to 25% of the total energy-mix by 2020. The country plans to build several liquefied natural
gas (LNG) terminals to reduce dependence on Russian gas imports.
table Of Contents
1 Executive Summary
2 Market Overview
2.1 The Domestic Economy
2.2 Key Trends And Issues
2.3 Key Construction Indicators
2.4 Benchmarking By Market Size And Growth
2.5 Price Dynamics
2.5.1 Salaries
2.5.2 Equipment
2.5.3 Materials
2.5.4 Energy
2.6 Porters Five Forces Analysis
2.6.1 Bargaining Power Of Suppliers – Medium To High
2.6.2 Bargaining Power Of Buyers – Medium
2.6.3 Barriers To Entry – Low

2.6.4 Intensity Of Rivalry – High
2.6.5 Threat Of Substitution – Medium
2.7 Demographic Profile
3 Commercial Construction
3.1 Performance Outlook
3.2 Key Drivers And Issues
3.3 Data And Projects Highlights
4 Industrial Construction
4.2 Key Issues
5 Infrastructure Construction
6 Institutional Construction
7 Residential Construction
8 Company Profile: As Merko Ehitus
8.1 As Merko Ehitus – Company Overview
8.2 As Merko Ehitus –services
8.3 As Merko Ehitus – Company Information
8.3.1 As Merko Ehitus – Key Competitors
8.3.2 As Merko Ehitus – Key Employees

9 Company Profile: Nordecon As
9.1 Nordecon As – Company Overview
9.2 Nordecon As – Main Services
9.3 Nordecon As – Company Information
9.3.1 Nordecon As – Key Competitors
9.3.2 Nordecon As – Key Employees
10 Company Profile: Nordic Contractors As
10.1 Nordic Contractors As – Company Overview
10.2 Nordic Contractors As – Business Description
10.3 Nordic Contractors As – Main Services
10.4 Nordic Contractors As – History
10.5 Nordic Contractors As – Company Information
10.5.1 Nordic Contractors As – Key Competitors
10.5.2 Nordic Contractors As – Key Employees
11 Company Profile: Estnor Ou
11.1 Estnor Ou – Company Overview
11.2 Estnor Ou – Main Products
11.3 Estnor Ou – Company Information
11.3.1 Estnor Ou – Key Competitors
11.3.2 Estnor Ou – Key Employees
12 Company Profile: Skanska Emv As
12.1 Skanska Emv As – Company Overview
12.2 Skanska Emv As – Main Services
12.3 Skanska Emv As – Company Information
12.3.1 Skanska Emv As – Key Competitors
12.3.2 Skanska Emv As – Key Employees
13 Market Data Analysis
13.1 Construction Output And Value-add
13.1.1 Construction Output By Project Type
13.1.2 Construction Output By Cost Type
13.1.3 Construction Output By Activity Type
13.1.4 Construction Value-add By Project Type
13.2 Commercial Construction
13.2.1 Commercial Construction Output By Project Type
13.2.2 Commercial Construction Output By Cost Type

13.2.3 Commercial Construction Output By Activity Type
13.2.4 Commercial Construction Value-add By Project Type
13.3 Industrial Construction
13.3.1 Industrial Construction Output By Project Type
13.3.2 Industrial Construction Output By Cost Type
13.3.3 Industrial Construction Output By Activity Type
13.3.4 Industrial Construction Value-add By Project Type
13.4 Infrastructure Construction
13.4.1 Infrastructure Construction Output By Project Type
13.4.2 Infrastructure Construction Output By Cost Type
13.4.3 Infrastructure Construction Output By Activity Type
13.4.4 Infrastructure Construction Value-add By Project Type
13.5 Institutional Construction
13.5.1 Institutional Construction Output By Project Type
13.5.2 Institutional Construction Output By Cost Type
13.5.3 Institutional Construction Output By Activity Type
13.5.4 Institutional Construction Value-add By Project Type
13.6 Residential Construction
13.6.1 Residential Construction Output By Project Type
13.6.2 Residential Construction Output By Cost Type
13.6.3 Residential Construction Output By Activity Type
13.6.4 Residential Construction Value-add By Project Type
14 Appendix
14.1 What Is This Report About?
14.2 Definitions
14.3 Summary Methodology
14.4 Methodology
14.5 Contact Timetric
14.6 About Timetric
14.7 Timetric’s Services
14.7.1 Core Capabilities
14.8 Disclaimer
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Construction in Estonia to 2017

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