The infrastructure sector is more resilient to the economic cycle as investment mainly comes from local or central governments. EU infrastructure investments grew in 2023 (4.7%) and 2024 (0.6%), supporting total construction production volumes. The subsector benefits from much-needed investment in the energy transition, especially for new power grids and digital infrastructure. At the same time, challenges are emerging in the area of drinking water, as population growth and climate change contribute to increasingly frequent dry spells across many regions.
Spanish civil engineering benefited from Next Generation EU funds in 2023. It led to the launch of numerous ready-to-go infrastructure projects, which had been delayed by resource constraints. In 2023, Spanish infrastructure volumes rose by almost 10%. Yet, in 2024, volumes started to decline again by 6%. As a result, Spanish infrastructure investment remains below 2010 levels. Additionally, France has lower infrastructure levels compared to 2010, due to budgetary constraints. French infrastructure builders had the lowest economic confidence in July 2025 since the beginning of 2021.
In Germany, investments increased by more than 55% between 2010-24. That is needed because German infrastructure is in a patchy state, and investments in roads and digital infrastructure are driving some growth in this subsector. Germany launched a €500bn infrastructure and climate investment plan last year, which will result in further growth in the coming years.