German construction industry ‘faces abyss’ – property mogul ...News

Rising costs and red tape have been hurting the sector, Vonovia has warned Germany’s crucial construction sector has been on the brink of collapse, putting in jeopardy the overall economy. The Economist reported that last week, citing housing giant Vonovia. The report says the sector makes up 12% of the country’s GDP and employs a million construction workers. “We are sending our construction industry into the abyss,” the chief executive of Vonovia, Rolf Buch, was quoted as saying. The article indicated that despite the German government’s pledge to build 400,000 flats a year, industry estimates have shown that ab

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