This growth is primarily supported by significant public investment, according to a recent report by Colliers.

The Romanian government has accelerated infrastructure projects, with approximately 700 km of expressways and railway modernisation projects currently underway. Unlike in 2019, when only 140 km of motorway were under construction, these public projects have become the main driver of the industry, accounting for nearly half of all construction work in recent years.

In contrast, private developments are slowing down. The number of residential permits has dropped to levels similar to those seen in 2015-2016, while investors in the office market have become more cautious. The only private segment maintaining its momentum is the industrial sector.

Alexandru Atanasiu, Board Member & Head of Construction Services at Colliers, said: "Construction is a sector that accelerates slowly and brakes abruptly, which is why the predictability of public and European funding is vital for market stability. Without a clear and continuous framework, companies will become more cautious, and this will have a ripple effect on jobs and related sectors."

However, the confidence indicator for builders, published by Eurostat, continues to decline, and costs have risen. The removal of tax incentives for construction workers has forced companies to increase labour costs to maintain net salaries, in a context where attracting qualified personnel remains a challenge.

Another pressure point is the volatility of material prices, influenced by the geopolitical context, which is affecting profit margins.

European funds are crucial for maintaining the current pace. Delays in implementing reforms could significantly reduce the flow of public projects, with a direct impact on the entire industry. However, consultants do not foresee a severe contraction like the one from 2009-2010, but rather a return to a more normal pace for the industry after several years of intense activity.