The year 2023 was expected to be difficult for the Austrian construction industry and was characterised by a continuous deterioration
of the business climate. The indicators in the WIFO-Konjunkturtest (business cycle survey) for construction already turned
pessimistic at the beginning of the year and reached levels last seen in the economically weak years of 2014 and 2015. Accordingly,
the downward trend in the Austrian construction industry has accelerated significantly in 2023. The WIFO Economic Outlook
of October anticipates increasingly sharp declines in 2023 and 2024. Construction activity is not expected to stabilise until
2025, and real growth in residential construction is not expected to return until 2026.
Research group:Regional Economics and Spatial Analysis
