Euroconstruct outlined – at its 96th Construction Market Forecast Conference in Dublin on 1 December 2023 – a contraction in construction across most member countries in 2023 and 2024, influenced by inflation, higher rates, and reduced demand. Residential sectors are particularly affected, with total new housing expected to decline to 2016 levels by 2025. However, civil engineering is anticipated to remain robust due to public sector investments in critical infrastructure. Forecasts point to a slight recovery in total European construction in 2025 and 2026 as the macroeconomic environment improves.