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Construction Leader Predicts 15% Growth in Turkish Construction this Year

Posted on 20 April 2010

The chairman of a leading Turkish construction company has said that the industry could see growth of up to 15% this year.

Speaking , which was organized by the Association of Turkish Building Material Producers, or İMSAD, on Thursday, Süleyman Varlıbaş, chairman of Varlıbaş Holding said the growth in the construction and building materials sector depends on household demand, whilst speaking at a conference on expectations of the Turkish construction industry in 2010.

“There are 15 million households in Turkey and 68.3 percent of them have their own houses, while only 23.9 percent live as a tenant,” said Varlıbaş. “That figure is expected to increase as the country’s population continues to rise,” he added.

“The construction industry contracted 16 percent last year while Turkey’s overall economy contracted 4.7 percent. Now, following the growth in Turkey’s economy, we also expect a growth of 15 percent in our industry,” he said.

Meanwhile Kerem Alkin, İMSAD’s economy consultant, said that Turkish construction firms are currently faced with a golden opportunity, because of the massive damage done to the world’s construction giants in countries like the Us. But, he said, Turkey must focus on manufacturing products with high technology. “High technology products are very important for Turkey’s development. We need to produce more goods using high technology.”

This is the latest in a succession of positive reports and projections for the Turkish economy, including an 18% year on year growth in output in February, and forecasts for 10% GDP growth in the first quarter.

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