Business figures - Slight fall in new orders in the main construction sector
Incoming orders in Hamburg's main construction sector reached a value of around 1.9 billion euros in the first nine months of 2023. This is 7.2 percent more than in the same period of the previous year, as announced by Statistics North on Wednesday. However, after deducting inflation, i.e. adjusted for prices, this represents a decrease of 1.6 percent.
In building construction, the value of incoming orders fell by 10.6 percent after adjustment for inflation. In civil engineering, however, the order situation improved by 14.2 percent. In particular, new orders rose in other public civil engineering, which includes civil engineering projects such as rail infrastructure improvements and bridge construction. Their value increased by 42.5% year-on-year to a good 400 million euros.
In the first three quarters of 2023, the larger companies in the main construction industry with 20 or more employees generated a turnover of just under 1.75 billion euros. This is an increase of nine percent compared to the first nine months of the previous year. Price-adjusted turnover hardly changed compared to the same period last year (plus 0.2 percent). However, according to the statisticians, there was a significant fall in turnover of 9.1 percent in residential construction after adjusting for prices.
PM Statistics Office North
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- According to the latest statistics released by the Statistical Office for Hamburg and Schleswig-Holstein, inflation significantly impacted the construction industry in Hamburg, causing a decrease in turnover in residential construction by 9.1%.
- In Hamburg, a well-known business figure in the construction industry expressed concern over the city's increase in inflation, which is affecting incoming orders in the construction sector.
- To better understand the current state of the construction industry, analysts often refer to the statistical data collected by the Statistical Office for Hamburg and Schleswig-Holstein, including data on construction orders and inflation rates.
- Despite the slight fall in new orders in the main construction sector in Hamburg, some areas within the construction industry, such as civil engineering, experienced an improvement in the order situation, particularly in the area of other public civil engineering projects.
Source: www.stern.de
