Fernando de Querol Cumbrera
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Nevertheless, Italy had the third-largest construction industry in Europe in absolute figures, reaching an annual production value of 168 billion euros. In addition to that, Italy had a couple of companies that were in the ranking of the largest construction firms in the world in 2022. Some of these companies are very active abroad. In particular, the largest construction company in the country, WeBuild SpA, generated most of its global contracts' revenue outside Italy, with the United States as its second-largest market.Rising construction costs
In 2022, the producer price of buildings in Italy increased by 7.8 percent for residential buildings and by 8.6 for commercial buildings. That came after construction costs already rose significantly in 2021. Wages, the price of construction materials, equipment, and land are some of the components that can explain price changes. For example, the price growth of several building materials in Italy reached over 45 percent, including lime, plaster, cement, flat glass, bricks, and other baked clay products. Labor costs in the construction industry also reached double-digit growth figures in both 2021 and 2022.
