Energy crisis: the bad news is piling up for the construction sector

  • Post category:Economy News
  • Reading time:4 mins read

Household and business confidence at half mast, rising cost of materials and interest rates: the bad news is piling up. ING expects industry growth to come to a halt in 2023.

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Journalist in the Economy department

Reading time: 6 mins

Lhe economic outlook for the construction sector is not rosy. The ING bank has just devoted a study to this subject and its forecasts are not very optimistic: if the sector should still be growing by 2.5% this year “thanks” to the delays caused by the supply problems caused by the pandemic, activity should stagnate in 2023. “It’s a conservative scenario, says Charlotte de Montpellier, economist at ING. The probability of a contraction of the sector similar to that which we forecast for the Belgian economy is not nil. »

The first signs of a slowdown are already clearly visible. Construction activity in Belgium in the first seven months of this year was 0.4% lower than the same period last year, ING points out. And the number of new licensed residential buildings fell by 3.4% in the first five months of 2022.

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