The Moroccan Construction Sector Supported by Public Investments Amid the Global Crisis
Global Construction Sector Faces Slowdown Amid Rising Costs
The global construction sector is experiencing a gradual slowdown, with growth now projected at 2.3% by 2026, down from an earlier estimate of 2.7%, according to Fitch Solutions. This revision is largely attributed to geopolitical tensions and supply chain disruptions, particularly in maritime transport and energy sectors.
Increasing costs of certain industrial raw materials, such as aluminum and steel, alongside rising fuel prices and shipping rates, are already impacting infrastructure project costs on an international scale.
In this context, Morocco shows relative resilience. Despite relying on several imported inputs, the Kingdom continues to support its construction sector through a robust public investment policy and the ongoing development of major infrastructure projects.
According to forecasts from the High Commissioner for Planning (HCP), the construction sector in Morocco is expected to grow by 3.9% by 2026, driven by railway, port, road, and tourism projects. Preparations for the 2030 World Cup are also contributing to sustained demand dynamics.
The 2026 finance bill, which allocates nearly 380 billion dirhams for public investments, serves as a significant lever to support this activity, particularly in transport infrastructure, water management, and urban development.
Regionally, the outlook is more subdued. Construction sector growth in the MENA region is anticipated to slow to 1.7% in 2026, compared to 4.2% in 2025, influenced by geopolitical tensions and rising energy costs.
However, this Moroccan resilience does not obscure certain structural vulnerabilities, notably the sector’s heavy dependence on energy costs. The cost of hydrocarbon imports, combined with rising transportation and material costs, continues to weigh on construction companies.
Any prolonged increase in oil prices could thus impact the margins of operators, despite the positive momentum from public investments and large ongoing infrastructure projects.
