The European construction industry is the biggest industrial employer in Europe. It is of major importance for the European economy. Around 50 million workers depend directly or indirectly on the construction sector. Austrian construction companies play a major role in the construction industry in Central and Eastern Europe and there are a lot of opportunities through Mergers & Acquisitions to increase their involvement and even more, their share in the market. This study analyses the different markets in Eastern Europe and tries to find out different opportunities for the Austrian construction players to expand further to the East. The study clearly shows that there are a lot of opportunities in almost every Eastern European country. Some are more risky than others, but there are opportunities which should not be overlooked. The crisis has not affected the construction industry as hard as others, because of the strong support by the states and international institutions, which is obviously a big advantage. The work includes an analysis of the five biggest Austrian construction companies and an analysis of the Eastern European markets and especially their construction market and a conclusion. The charts and descriptions explain and support the arguments why any given country could be attractive for one of the Austrian players.