Overview

• Incoming orders rose 9.4% year over year in the first half of 2025, or 7.3% price‑adjusted, with Hochbau up 5.6% and Tiefbau up 8.7%, according to the Federal Statistical Office.
• June showed short‑term volatility as total orders fell 2.6% from May in real terms, with Hochbau up 12.2% month on month and Tiefbau down 13.1%.
• The industry association ZDB links recent weakness in roadworks to temporary order stops at Autobahn GmbH and strained municipal budgets.
• Revenues increased in the first half by 4.6% nominal and 2.2% in real terms, and employment rose 0.9% from a year earlier after a decline in 2024.
• IMK’s Sebastian Dullien sees an upward trend supported by infrastructure investment and slightly lower mortgage rates, while ZDB cautions Hochbau remains over a quarter below 2022 levels and has not yet reached a turning point.