May 16, 2018 / 9:05 AM / a year ago

German construction body raises 2018 sales forecast

BERLIN, May 16 (Reuters) - Germany’s construction firms are benefiting from soaring demand for real estate and higher state spending on infrastructure, the HDB industry association said on Wednesday as it raised its growth forecast for the sector.

The construction body, which represents large industrial companies such as Hochtief, said it now expected nominal sales growth of 6 percent this year, up from the 4 percent growth it had projected at the beginning of the year.

Due to rising construction prices such as higher wages, real sales are likely to grow by around 2 percent this year, HDB added. (Reporting by Michael Nienaber Editing by Michelle Martin)

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