Germany Construction Industry Report 2024: Output to Contract by 5.8% in Real-terms this Year Following Surge in Costs, Developer Insolvencies and Increasing Interest Rates - Forecast to 2...
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Source: Yahoo! Finance
and Utilities, Institutional and Residential Market Analysis, 2024-2028" report has been added to ResearchAndMarkets.com's offering. Germany's construction industry to contract by 5.8% in real terms in 2024, amid increasing interest rates, and falling building permits coupled with a surge in construction costs, which forced major developers into insolvency. In December 2023, Signa Holding an Austrian real estate company, who was undertaking the construction of a EUR814 million ($833.5 million) skyscraper, scheduled to be completed by 2026, declared its insolvency leading to a halt in the project. According to the Federal Statistical Office (Destatis), the total number of building permits issued in the country declined by 24.3% year on year (YoY) in the first eleven months of 2023. By segments, permits issued for residential and non-residential buildings declined by 28.7% YoY and 5.9% YoY, respectively during the same period. The German construction industry is expected to reboun
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