Executive Summary

Construction investments in Switzerland grew nominally by 3.5% year-over-year in 2025. Both building construction (+3.6%) and civil engineering (+3.2%) recorded increases. New construction projects received 3.4% more investments, renovations 3.5% more. Total construction expenditures (including public maintenance work) rose nominally by 3.2% (real +2.3%). The work backlog of ongoing projects grew by 6.0%.

Persons

  • Federal Statistical Office (FSO) (Data source)

Topics

  • Swiss construction statistics
  • Building construction/civil engineering investments
  • Public vs. private clients
  • New construction and renovations

Clarus Lead

The construction economy shows robust growth in 2025, but with asymmetrical dynamics: While public clients (federal government, cantons, municipalities) significantly expand their investments, private investors are braking in civil engineering. This divergence signals state infrastructure orientation and could point to structural challenges in the private sector. The increased work backlog (+6.0%) indicates sustained construction activity – relevant for the labor market and material supply.

Detailed Summary

The public sector emerges as the growth driver: Building construction investments rose by 8.4%, civil engineering by 5.2%. In contrast, private clients reduced their civil engineering investments by 5.7%, while building construction only grew modestly (+2.5%). In new construction, public dynamics also dominate (+7.3% vs. private +2.3%), similarly in renovations (+6.3% vs. private +1.7%).

Maintenance expenditures for public infrastructure stagnated (–0.1%), while the work backlog – an indicator of future construction performance – grew by 6.0%. This points to a pipeline shift: More projects in planning or tendering, but not yet in maintenance phase. Real growth of total construction expenditures was 2.3%, indicating price effects.

Key Findings

  • Construction investments 2025: +3.5% nominal, +2.3% real
  • Public clients: significantly stronger growth than private (+8.4% building construction, +5.2% civil engineering)
  • Private civil engineering investments: –5.7% – the only decline in the overall portfolio
  • Work backlog of ongoing projects: +6.0% – strong pipeline for coming years

Critical Questions

  1. Evidence/Source Validity: Are the provisional results based on complete capture of all construction investments or on samples? What is the typical revision rate between provisional and final data at the FSO?

  2. Conflicts of Interest/Incentives: To what extent do state stimulus programs or budget cycles influence public investment decisions? Are the increases sustainable or temporary?

  3. Causality/Alternatives: Is the decline in private civil engineering investments (–5.7%) explained by interest rates, material costs, or lack of demand? What factors drive public growth?

  4. Feasibility/Risks: Can the construction industry meet the increased demand (work backlog +6.0%) without bottlenecks in skilled labor or materials? What inflation risks arise from concentrated public demand?

  5. Data Interpretation: Which sectors/regions drive the growth? Are the nominal increases (+3.5%) substantial when the real rate is only +2.3%?

  6. Time Horizon: The work backlog rose 6.0% – does this mean even higher investments can be expected in 2026, or will the rate normalize?

Sources

Primary Source: Construction Statistics 2025: Provisional Results from the Federal Statistical Office – FSO, 21.07.2026

Verification Status: ✓ 21.07.2026

This text was created with the support of an AI model. Editorial Responsibility: clarus.news | Fact-Check: 21.07.2026