The German construction industry continues to boom, despite a sharp rise in construction prices.
The value of orders in August was 18.9 per cent higher than in the same month last year, according to figures released by the Federal Statistical Office on Monday. When seasonal effects and price rises are factored in, the real-terms rise was 5.7 per cent.
This represents 7.3-per-cent growth when compared with July 2021.
However Germany’s construction industry association says that a shortage of materials is having an impact on the sector, resulting in a price-adjusted decline in turnover of 2.9 per cent in August.
The association also points to the weak baseline figures from the 2020 to at least partially explain the sharp rise in demand this year.