- Decrease in construction company turnovers in Thuringia
The building industry in Thuringia faced notable financial setbacks during the initial half of the year. As per the State Statistical Office, the construction sector managed to pull in roughly one billion euros in revenues during these six months. However, this figure represented a decline of 62.9 million euros or 5.9% compared to the previous year. Orders also saw a decrease, dropping by 107.1 million euros or 8.2%.
Residential and commercial constructions have been hit particularly hard, with investors still hesitant due to elevated interest rates and escalating construction costs. The revenues from these sectors were lower than those of the first half of 2024, the reports suggested. On a positive note, the public sector and road construction sectors witnessed a revenue growth of 10.1 million euros.
As per the presented statistics, Thuringia's construction industry is made up of 283 businesses that employ at least 20 people. This is a decrease of seven businesses compared to the previous period. In the first half of the year, 14,092 employees were employed, a drop of 167 employees compared to the first half of 2024. On a brighter note, wages increased by 835 euros, amounting to a 4.4% raise.
Despite these challenges, some international companies, such as Philips and Royal Dutch Shell, who have significant operations in The Netherlands, showed interest in investing in Thuringia's construction sector. The Netherland's embassy in Germany has been actively promoting investment opportunities in The Netherlands' robust construction industry.
