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Germany's construction sector sees highest price increase since 2007

Xinhua Financein BERLIN
2019-01-11 10:01

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Germany's booming construction sector has seen the construction price index for residential buildings in November 2018 rise by 4.8 percent, the Federal Statistical Office (Destatis) announced on Thursday.

According to Destatis, it is the highest year on year increase in prices for residential homes since November 2007. The data includes all construction services as well as sales taxes.

The cost of road construction even rose by 7.1 percent compared with the corresponding month of the preceding year.

Last week, the German Association of Towns and Municipalities complained that the required investments in infrastructure had reached 159 billion euros (183.4 billion U.S. dollars).

"If motorways are not repaired and upgraded quickly and damaged bridges are not replaced, collapse of traffic is threatening to become more and more frequent," the association announced.

Official data for turnover of the German construction industry is lagging behind a month but saw an increase of 16.8 percent in October 2018, compared to the previous month.

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