Despite a solid occupational market, eurozone construction output has been in decline since April 2022, according to S&P’s PMI (Purchasing Managers Index) data. The contraction in construction activity has been particularly significant in Germany and France, whilst Italy recorded a modest decline in April 2024 as new orders have fallen and staffing levels and material purchases have been cut back. On a brighter note, UK construction activity has returned to growth for the first time in nine months, buoyed by an increase in refurbishment projects and improved sentiment regarding the UK economic outlook.
European office construction costs have risen by circa 50% since 2019, whilst a shortage of construction labour has pushed out completion dates. 33% of office space scheduled for completion in 2023 did not complete and has been pushed out to 2024/25, with a number of German developers reporting insolvencies. See more:
Ingénieure en Aménagement hydraulique et gestion de l’eau Au service des collectivités pour le pilotage des projets durables
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