February 28, 2024

Taylor Daily Press

Complete News World

The construction sector expects a difficult year  Economy

The construction sector expects a difficult year Economy

It is expected to be a difficult year for the construction sector. This is what the sector association Embild says based on a member survey. More than half (57%) of construction and installation companies have noticed a decline in interest since the end of last year.

The sector blames the federal government. It eliminated the appropriate 6 percent value-added tax rate for demolition and reconstruction operations for non-private construction companies. Embuild describes this as counterproductive and requests that the intervention be reversed.

“Large projects are essential to expand and renew our older housing stock,” says Nico Demeester, CEO of Embuild. “Individual demolitions and reconstructions are certainly a positive thing, but they are not enough to address climate and demographic challenges.”

Embild warns that housing construction and home renovations will continue to decline in 2024. In residential construction, 17 percent expect an improvement this year, while 42 percent expect 2024 to be worse, and 10 percent expect a much worse year. In home renovations, 20 percent of companies expect an improvement this year, 32 percent say 2024 will be worse and 6 percent say much worse.

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