European contractors look for international growth

Contractors in Europe’s building and construction sector are increasingly looking outside the region for growth, with 65% of respondents to a survey by QBE planning to expand their operations into new countries over the next five years.

QBE surveyed over 500 businesses across the UK, France, Germany, Italy and Spain, and found that companies are looking to international expansion primarily to evade the current economic environment in Europe.

The survey found that 32% of respondents planned to expand in Asia and South America, and 20% in Africa, while half of those surveyed said they believed it would take two years of more for a full economic recovery in the region.

The biggest risk that firms said they believed they would face when expanding into new countries was dealing with local regulations, with 50% saying this was a risk, while 35% were concerned about financial risks and instability, and 35% were worried about differing cultures or business practices.