Yet in none of the indices is there any sign of a construction
boom of the kind observed in Germany in the 1990s
and later in many other countries such as the United
States, Spain or Ireland.
Even if construction activity has
noticeably recovered, investment in both housing and
non-residential construction remains well below historic
highs in Germany and in the Eurozone .
The long period of zero population growth
in Germany is probably responsible for this. But that
could quickly change if there were sustained immigration
for example from the euro crisis countries, as already
demonstrated by the experience of the late 1980s and