Germany's Construction Sector Lacks Housing Target Champion as UK's Struggles with Budget Uncertainty
The construction sector in Germany and the UK faces distinct challenges. In Germany, no prominent figure is pushing for a specific housing target, while in the UK, the sector has been contracting for nine consecutive months due to budget uncertainty.
In Germany, the construction sector lacks a prominent advocate for building 1.5 million housing units during this parliamentary term. No individual, either in the industry or government, has publicly set this as a clear goal.
Meanwhile, the UK's construction sector continues to struggle. The purchasing managers' index (PMI) for September was 46.2, indicating contraction. Tim Moore from S&P Global Market Intelligence reports that firms are grappling with pressure from multiple fronts, leading to a subdued sentiment. Employment levels have decreased for the ninth month in a row, the longest such period since the pandemic. Construction firms are particularly concerned about the potential tax increase by Chancellor Rachel Reeves in the upcoming budget, which is causing hesitation and slowing down activity.
While Germany's construction sector appears to lack a clear leader pushing for a specific housing target, the UK's sector is grappling with sustained contraction due to budget uncertainty. The impact of potential tax increases on construction firms' sentiment and employment levels in the UK is a significant concern.
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