Abstract
Until the pandemic, the level of real investments made by municipalities was noticeably on the upswing. Three years after the outbreak of the pandemic and one year after the start of the Ukraine war, the question arises as to how municipal investment activity has developed in the wake of both crises. In nominal terms, investment expenditure continues to grow, but appearances are deceptive: in price-adjusted terms, noticeably less is being invested today than in 2020. At the same time, the structure of investment activity has changed.