Business investment: Software outpaces bricks and mortar

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Macroeconomics,Countries

In France, in Q3 2024, for the first time (statistical series dating back to 1949), non-financial companies invested more (in billions of euros, at constant prices) in 'information and communication' than in construction (panel A of our chart).

In France, in Q3 2024, for the first time , non-financial companies invested more in information and communication than in construction . This shift was bound to happen sooner or later, given the trend towards intangible investment . In particular, this growing weighting goes hand in hand with the increasingly widespread use of electronics and software in today's goods, including in traditional sectors such as the automotive industry.

In Germany, however, while IPP are already dominant, it is mainly because investment in new construction excluding housing is low, and has been lower than in France since 2019, despite a much higher GDP. In fact, investment in IPP in France is only 6% lower than its German counterpart, compared with a gap of almost 29% in terms of GDP . France is also significantly ahead of Italy and Spain in this type of investment .

 

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