Construction spending in 2023 with a small nominal increase
Published: Thursday, Jul 18th 2024, 11:10
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Slightly less was built in Switzerland in 2023 than in the previous year. Construction spending increased by 0.3% in nominal terms, as the Federal Statistical Office announced on Thursday. However, adjusted for prices - i.e. excluding higher prices - it fell by 2.5 percent year-on-year.
Investments in the construction sector increased by 0.2%. The two segments of building construction and civil engineering developed differently. While 0.3% less was invested in building construction in nominal terms, investment in civil engineering increased by 2.7%.
The public sector clients, the federal government, the cantons and the municipalities, increased investment totals in both segments. Civil engineering investments by the public sector increased by 3.9% and building construction investments by 8.5%. Private clients, on the other hand, invested 2.3% less in civil engineering and 1.9% less in building construction.
According to the press release, investment in new construction projects fell by 2.5%, with private clients in particular spending less (-4.8%). At the same time, conversions received an average of 4.4% more money, with the private sector investing 3.8% more and the public sector 6.9% more.
In addition to construction investment, construction expenditure also includes public maintenance expenditure. This increased by 0.3 percent, according to the press release. The construction investment backlog at the end of 2023 was 0.4 percent higher than in the previous year, while the backlog for public maintenance work was 2.4 percent higher.
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