This year marks the eighth year of a recovery from the deep industry recession that was sparked by the financial collapse of September 2008, the third-longest industry recovery on record.
The construction market remains strong, but construction firms that were excited about the pro-business agenda of President Trump immediately after his election in November are now moderating their long-term outlook.
Prices across Europe are “broadly flat,” rising by around 2% in France and Germany and more slowly in southern European countries, says Simon Rawlinson, head of strategic research and insight at Arcadis LLP, London.
Construction is a cyclical industry. Industry executives enduring recessions console themselves with the knowledge that, sooner or later, the bad times will pass.