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Business

Germany’s Construction Industry Stuck in the Red

Germany’s stricken construction industry continues to grapple with drastic job losses as fewer contracts spell doom for turnover in the sector. The Federal Statistical Office in Wiesbaden on Wednesday estimates that only about 859,000 people worked in the industry in September, down by at least 109,000 workers from the previous year. Industry revenues also sank by 5.5 percent compared to the previous month, with a turnover of 7.9 billion euros ($7.91 billion).

The Association of the German Construction Industry (HVBI) announced on Wednesday that, although public construction has profited from a flurry of contracts after the recent flood catastrophe in eastern Germany, housing and economic construction continues to be plagued by massive losses.

The industry has been in a deep crisis for years -- mainly because the sector expanded too rapidly during the construction boom following German reunification in 1990 and later faced a market correction.