Optimism budding slowly in Europe’s construction industry

Last year the construction volume in Europe is thought to have declined slightly (by about minus 0.2%). In their updated forecast the institutes in the Euroconstruct group expect only a very hesitant recovery in 19 western and central-eastern European countries: 1% for 2004 and about 1½% for 2005. The hopes for better times for construction focus on 2006, but even then the growth in construction will only be 2½%, which will fall behind the expected increase in GDP.