At the same time, construction services became more expensive in many places in 2021: in eight countries, construction prices rose by at least 5 per cent from the previous year. In Hungary and Italy, the percentage was in fact in double digits. In Germany, prices rose 9.1 percent. In only five countries did price increases in 2021 be less than 3 percent a year ago.
In ten countries, construction is already higher than before the crisis. However, eight countries, including Germany, will have even less construction in 2021 than in 2019. Only France and Slovakia saw a sharper decline than Germany.
Residential construction grew the most in 2021, by 7.1 per cent, when it collapsed by 4.4 per cent in 2020. “From 2023 onwards, European housing construction is expected to grow only marginally,” says Dorffmeister. The pandemic suffered the most from commercial construction, a decline of 7.3% in 2020, and it was still behind the pre-crisis level of 2019 in 2021. Civil engineering, on the other hand, showed only a negligible decline in 2020 and significantly exceeded its pre-crisis level in 2021.
The Ifo Institute is a founding member of EUROCONSTRUCT, Germany, which brings together researchers from fifteen countries in Western Europe and four countries in Central and Eastern Europe. More information can be found below www.euroconstruct.org/ec/reports
Source: ifo Institute
Source: The Nordic Page