A constructive way forward

The past few years have been a hectic time for everyone. With rising inflation, including the price rises in raw materials and labour, the sky-high interest rates intended to counter these increases, and to top it all, investors being spooked by the outbreak of war in Ukraine. One sector in Poland that has certainly been licking its wounds is the construction industry, but the question remains: is it heading for a crisis? “Hopefully, not yet,” says Bartłomiej Sosna, a construction market expert at construction consultancy Spectis. “Construction firms managed to retain their margins in 2022 despite having to cope with rising costs, recording an all-time high in terms of net profit. This was partly due to the partnership approach pursued by the contracting parties, which allowed for the prices of selected contracts to be negotiated,” he argues, and then adds: “Moreover, the financial standing of medium-sized and large contractors improved slightly in H1 202