Germany nominal premises investment, seasonally adjusted
Germany nominal premises investment, seasonally adjusted stood at 120.28 EUR billion in Q2 2026, according to Deutsche Bundesbank. It is one of the indicators in the Quarterly national accounts table (Value · Quarterly), with a complete series running from Q1 1991 to Q2 2026. The complete series with an interactive chart, free to download.
This indicator in the Quarterly national accounts table
| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Domestic demand, calendar and seasonally adjusted | 1,145.53 | 1,128.66 | 1,127.99 | 1,112.49 | 1,104 | 1,090.84 | 1,078.34 | 1,064.52 | 1,049.39 | 1,039.62 | |
| Premises, calendar and seasonally adjusted | 120.28 | 116.98 | 118.09 | 116.52 | 116.45 | 116.84 | 115.14 | 113.77 | 113.49 | 114.77 | |
| Changes in inventories and net increase in valuables, calendar and seasonally adjusted | 15.88 | 11.74 | 11.87 | 15.41 | 15.64 | 8.7 | 8.01 | 6.73 | 1.67 | 1.6 |
Understanding germany nominal premises investment, seasonally adjusted
Gross fixed capital formation directed into physical structures and buildings, captured at current market valuations. The scope encompasses residential housing, commercial real estate, and civil engineering projects such as roads and utility networks. Within the national accounts expenditure framework, this metric isolates immovable asset creation from movable machinery purchases. Routine maintenance is excluded from the aggregate, while major renovations that extend a structure's lifespan are counted as new capital formation.
Assessing building investment in nominal terms means construction material cost variations and builder wage adjustments pass directly into the headline figure, completely decoupling expenditure from the actual volume of structures built. Calendar and seasonal adjustments smooth out the severe weather disruptions inherent to winter building seasons, allowing analysts to trace sequential quarter-on-quarter momentum safely. Revisions are common when municipal building permit data is eventually superseded by finalized construction industry turnover surveys. This aggregate often lags leading indicators like mortgage approvals, reflecting the extended time gap between project funding and actual site work.
Frequently asked questions
- Does routine building maintenance count toward this investment figure?
- Standard maintenance is excluded, but major renovations that extend a structure's lifespan qualify as new capital formation.
- How does winter weather affect the adjusted data?
- The seasonal adjustment process smooths out recurring weather disruptions, preventing normal winter building interruptions from skewing the underlying analysis.
- Do material costs impact this metric?
- Yes, because it is measured in current prices, shifts in lumber or steel costs directly pass into the headline expenditure figure.