Post-Covid-19 in European construction: Recovery in sight
by Michael Klien, WIFO – Austrian Institute of Economic Research
About a year after the outbreak of the Corona pandemic, the European construction industry is now starting a significant recovery in 2021. As the survey results among European construction companies show, confidence is rising in virtually all EU countries, and very significantly at that. After the sharp downturns in spring 2020, which led to record losses in business confidence (see Figure 1), the development in the following months was very subdued. Although some countries were able to achieve a certain normalisation in construction activity by summer 2020, the sentiment was still far from pre-crisis levels. In addition, some countries also experienced a renewed period of weakness in the winter months, which fuelled doubts about a rapid recovery.