German construction set to shrink for first time since financial crisis – DIW

German construction spending is set to fall in 2024 for the first time since the financial crisis, according to study by a prominent research institute, in a further bad sign for the property industry as it suffers its worst crisis in decades. Construction volume will shrink by 3.5% in 2024 to 546 billion euros ($597.38 billion) before recovering slightly with a 0.5% increase in 2025, the DIW economic institute said in a study to be published on Wednesday and seen by Reuters. The last time that German construction spending declined was in 2009.