The construction sector in the metropolitan area of Venice has shown impressive growth, accounting for 6.5% of the provincial GDP, with a significant added value of 1.8 billion euros. This figure surpasses those of other provinces in the Veneto region, where the contribution ranges from 4.7% in Vicenza to 6.2% in Rovigo. The data was presented at a recent meeting by the Cgia of Mestre, titled "L'edilizia alla prova dello sboom dei bonus, quali impatti nel 2025?" (Construction Sector Facing the Bonus Boom Collapse, What Impacts in 2025?).
Between 2019 and 2023, the added value in Venice's construction sector rose by an impressive 25%, and projections suggest an additional growth of 8% in 2024. Daniele Nicolai from the Cgia's study office explained, "If confirmed, this figure will make the anticipated decline starting this year less concerning." However, for 2025, a decrease of 7.1% is expected. Despite this, Nicolai reassured that "we will remain stable at the values of 2023, which are not too bad."
The meeting also provided a broader overview of the construction industry. In the Venice area, there are currently 10,500 business locations, marking an increase of 381 units from the end of 2019 to the end of September 2024, representing a growth rate of 3.7%. This trend mirrors the developments in the real estate sector and related services.
Moreover, the number of employees in the construction sector has surged, with an impressive 9% increase, translating to 2,300 more workers. This growth is particularly notable in the finishing and demolition of buildings, which saw an increase of 1,300 workers, while the construction of buildings and infrastructure rose by 12%. The number of installers remained stable.
Nicolai attributed the increase in the number of businesses and employees to the growing investments in construction from families, businesses, and public administrations, particularly in non-residential buildings and public works.
Meanwhile, the Court of Accounts has released a report on the efficiency of building renovations under the National Recovery and Resilience Plan (PNRR). The report indicates that while the energy efficiency of buildings has reached and even exceeded set targets in terms of energy savings and CO2 emissions, significant challenges remain regarding the requalification of residential buildings, public buildings, and school facilities.
The Court of Accounts estimates a payback time of 35 years for investments made under the Superbonus scheme, which is inconsistent with the expected lifespan of the subsidized interventions. Despite the positive impacts of tax incentives for building efficiency, the economic implications are considerable.
According to the report, “The achievement of the qualitative and quantitative objectives is in line with the forecasts, while some critical issues remain that require constant attention and targeted interventions, especially in view of the deadline of the Plan set for June 2026.”
The interventions aimed at reducing housing discomfort and improving housing policies are part of Mission 2 – Component 3 of the PNRR. The resources allocated for public and social residential building interventions fall within the Innovative Plan for Housing Quality (PINQuA), which has a budget of 2.8 billion euros, and the National Complementary Plan for the Safe, Green and Social measure, which has 2 billion euros.
However, over half of the buildings in the sample were constructed before 1980, with an average size of 77 square meters. This age contributes to poor energy efficiency, adversely affecting the annual energy spending of families residing in these homes. The Court of Accounts questions whether the strategy of focusing solely on the renovation and maintenance of existing structures was the right choice, suggesting that there should have been more effort to increase the construction of new housing to meet growing demand.
Delays in the implementation of the PINQuA are also concerning, with over one-third of projects experiencing scheduling delays, and approximately 80% of these delays occurring before the work has even begun. The Court of Accounts emphasizes that while it is commendable that housing issues have been integrated into the PNRR programming, it is difficult to see this as a turning point in the services offered to citizens unless further programs continue and expand upon the work already done.
In conclusion, the positive impact of tax incentives for building efficiency is acknowledged, but the economic ramifications are significant. The Superbonus has generated a reduction in energy consumption of about 2 Mtep from 2020 to 2024, but according to the Court of Accounts, this reduction will not be sufficient to meet the new objectives set for 2030 under the updated National Integrated Energy and Climate Plan (PNIEC). As the report states, “At unchanged policies, the Superbonus, which has generated a reduction of approximately 2 Mtep from 2020 to 2024, is barely enough to meet the goals of the old PNIEC, while an additional reduction of 2 Mtep is necessary to meet the targets for 2030 set by the new PNIEC.”
