Powerful changes, including urbanization, demographics and the drive for sustainability, are opening up new challenges and opportunities for the global real estate and construction industry. The construction industry in some European countries such as Germany, Denmark, Sweden and Poland (and Croatia) did not experience major problems during the pandemic, but those countries that suffered the "pandemic impact" already in 2021, returned what they lost, and even more . Now most countries expect growth in 2022.

Lack of available labor and price increases

The most significant and for many surprising effect of the pandemic at the European level was the disruption of supply chains, the lack of available labor and the increase in the price of construction materials. For now, the lack of qualified labor has been bridged by "importing" labor from the surrounding countries. The recovery of the European construction sector in 2021 continued at the strong pace we remember from the pre-pandemic period, with a brief interruption in 2020. It is expected that the positive trend will continue this year, but with more balanced growth. There is still no recovery when it comes to the services market, but that is expected to change by the end of this year.

Manage your business and recognize changes in time

At Grant Thornton, we aim to help you successfully identify industry changes and manage your business. We combine sector expertise with a unique way of working built on our genuine interest in our clients' business. As a result, we ensure you receive more time and attention from partners and senior advisors, provide faster response and clarity when needed, and work to provide you with the best team to support you.

We support clients with pragmatic, tailored solutions for improvement and growth, through every stage of the business life cycle. We create solutions according to your needs, not according to our structures!

As well as a full range of tax, advisory and audit services, our services are tailored to this industry. They allow you to:

• Risk management
• Optimizing operations
• Maximizing ownership and stakeholder value
• More sustainable business growth

You can find more about other services of our experts on our official website.

Data source: Grant Thornton Global