Tough times prevail

Quote from Martin Arnold of the Financial Times, Frankfurt, September 6, 2023:

„Several German developers have filed for insolvency in the past few weeks.  

The cost of building new residential properties in the eurozone rose 11.5 per cent last year, the fastest pace on record, according to a separate index of producer prices in the sector published in July by Eurostat, the EU’s statistics arm.

Construction companies cut jobs for a sixth consecutive month in August, at a faster rate than in July, reflecting a continued fall in confidence about the outlook for the year ahead.

Housebuilding declined at the fastest pace since April 2020, according to the survey, while commercial construction and infrastructure activity also declined but at a slower pace. The decline in overall construction was steepest in Germany, but it also fell in France and Italy.“