The crisis in the building sector appears to have reached its deepest point, following a 15% drop in production over the past two years, according to the latest report from the sector’s economic institute EIB.
The EIB is expecting total production to grow by 1% this year, mainly because of a revival in house building. Utility building is forecast to shrink slightly because of cuts in government spending.
Office building is likely to see a 2% drop in the next few years because of over-capacity.
From 2012, the EIB is forecasting a strong revival. Architects’ order books have been growing over the last two quarters, construction firms are seeing a slight improvement in orders and the sale of new houses has clearly risen during 2010, the institute says.
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