In 2023 in Lombardy, the turnover of construction companies increased by +8%, recording the third consecutive year of growth after the record values recorded in 2022. The data from the survey carried out by Unioncamere Lombardia highlight how growth has slowed down in first nine months of the year and then accelerating again in the last quarter (+10% change compared to the same period of 2022) due to the deadlines linked to the Superbonus.
Employment grew significantly (+6.1% in 2023 according to Infocamere-Inps data). If 2023 marks a positive figure, the data referring to the first quarter of 2024 shows a slowdown: on a quarterly basis the change is zero, with the index number remaining stuck at 163.5.
Expectations also highlight fears among entrepreneurs: if the balance between forecasts of increase and decrease in turnover still remains positive for the next quarter (+4 points), due to the ‘queue’ of construction sites still to be completed, as regards demand of new jobs, confidence levels are negative and worsening further, especially for the residential market (-18 percentage points) and for the renovation market (-23 percentage points). In addition to the critical issues on the real estate market front, already evident in 2023 with the decline in home sales, the future of tax incentives is naturally at the center of concern: companies expect a strong reduction in the use of the Superbonus, especially for via the blocking of the transfer of credit. A separate discussion for public construction works, where after the optimism of the end of 2023 the most recent expectations highlight slightly negative values: in general the prospects for this sector remain more encouraging thanks to the expected effects of the PNRR.
On the investment front, in 2023 companies in the construction sector maintained important numbers (32.6%), although some signs highlight a slowdown for 2024 (balance between forecasts of increase and decrease equal to -9 percentage points).
“The competitiveness of the Lombardy construction chain – stated the Councilor for Economic Development of the Lombardy Region – will depend on the possibility of making the necessary investments with the aim of giving continuity to the urban regeneration of our territories. Furthermore, this does not exclude help for citizens to invest in their properties in accordance with the European decisions already taken; support which, as the Italian Government rightly points out several times, must come from the same Europe that decided the objectives to be achieved. This evidently must go hand in hand with clear, simple and lasting legislation. We, as a Region, will continue to do our part to support businesses.”
“Construction continues to remain a strategic sector for Lombardy – specified Gian Domenico Auricchio, president of Unioncamere Lombardia – both as regards the private and public markets in light of the huge investments contained in the PNRR in view of the changes envisaged by the Government in In the coming months, I believe it is important that companies in the sector better understand the transformations taking place, facing new challenges and managing to guarantee increasingly specialized professional figures”.
“Lombard companies in the sector have proven to be active players in the regional economy for the third consecutive year. Unfortunately – highlighted Tiziano Pavoni, president of Ance Lombardia – a negative ‘sentiment’ linked to expectations on construction demand is increasingly emerging, especially for renovations and for the residential sector, recording further worsening compared to the already negative values of the last few quarters. As an association we think that, with a view to continuing the redevelopment activity of the existing building stock, in order to implement the new ‘Green Houses’ Community Directive, it will be necessary to build a new structural and long-term tool, to replace and reorganization of the Superbonus”.
