Since the health crisis, investment in construction has developed in some widely differing ways in the main Eurozone economies. The sector recovered quickly post-health crisis in France and Germany, but has fallen back since the beginning of 2022, mainly due to its residential component. In Spain, conversely, the sector still had catch-up potential at the start of 2022 and its non-residential component also benefited from funds from the European recovery plan. The situation in Italy is very unusual: investment in construction has grown by almost 45% since the end of 2019, as the result of a double budgetary stimulus combining the European recovery plan and the “Superbonus” scheme for housing renovation. In the coming quarters, the business tendency surveys suggest that these short-term differences are likely to continue between France and Germany on the one hand, where investment in building construction is likely to continue to fall back, affected by the increase in interest rates, and on the other hand between Italy and Spain, where the sector looks set to continue to be bolstered by the European recovery plan.