According to the European Steel Association, the EU construction sector is projected to decrease by 1.4% in 2024 compared to 2023. However, a growth rate of 1.8% is forecast for 2025.
The European Steel Association's projection for the construction sector is attributed to factors including escalating construction material prices, labor shortages prevalent in EU countries, and rising interest rates. The weak Euro further adds to the uncertainty surrounding the sector's outlook. These adverse factors are expected to persist throughout 2024.
The European construction sector is expected to face a period of stagnation in 2024, followed by a rebound in 2025. The sector's robust growth hinges on the mitigation of economic uncertainties and the removal of barriers hindering its progress.
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