The report paints a rather bleak picture for the construction industry in the EU. Residential construction is expected to decline by 5.7% in 2024, following a 2.6% drop last year. The Nordic countries are particularly feeling the pinch, with government measures proving insufficient to tackle the housing crisis. This downturn is hitting employment hard, with small enterprises leaving the sector in some EU countries.

Investment in construction fell by 2.2% in 2023, and the outlook isn't much better for most segments except civil engineering. The construction market's performance varies across the EU, with some countries seeing growth while others face contraction. The sector's woes are compounded by the decline in housebuilding, which makes up a fifth of the industry.