Construction industry weakens in Germany

06 Jun 2024 CW Team

A recent study by the German Construction Industry Federation (HDB) has revealed a bleaker outlook for Germany's construction sector. Contrary to earlier projections, the industry is anticipated to contract by 4% this year, slightly worse than the previously estimated 3.5%. This downturn is predicted to result in approximately 10,000 job losses.

The study attributes this decline primarily to weaknesses in residential construction, with sales expected to plummet by 12% in real terms. Additionally, public construction works are forecasted to underperform compared to initial expectations.

This adds to the overall gloomy forecast for construction in Europe's largest economy, which is grappling with challenges such as rising interest rates, heightened inflation, and economic stagnation.

Peter Huebner, President, HDB, expressed concern over the employment forecast, emphasising the anticipated reduction of 10,000 employees. He stressed the imperative for action, stating, there can only be one solution: build, build and build.

Despite the overall downturn, the study highlights a silver lining in commercial construction, where sales are projected to increase by 1.5%. This growth is attributed to substantial orders from entities such as Deutsche Bahn, electricity network operators, and local transport authorities.

(Source ET)

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