Possible reduction of about 10,000 jobs in German construction industry announced
About 10,000 jobs may be cut in the German construction industry in 2024 due to a weak economic situation in the construction sector, TASS reports
Tim-Oliver Mueller, the Head of the German Construction Industry Federation (HDB), noted, “We currently expect to have to cut about 10,000 jobs in the coming months." He explained that, last year, income from housing construction fell by 12 percent, though the decline in sales was insignificant in the field of commercial construction and public works. “We believe that sales in residential construction will fall by another 12 percent in 2024," Mr. Mueller added.
According to HDB, approximately 927,000 people were employed in the main construction industry last year. It turns out that 10,000 jobs account for less than 1 percent of the industry as a whole. However, this will be the first loss of construction jobs since 2008.
"No matter what happens, we must hire employees to maintain the level of qualifications at the proper level, despite the crisis," Mr. Mueller stressed.
