Speaker 2
So the answer is that the governments are generally all spending a similar amount compared to similar percentage of overall GDP, for example. But they're prioritizing different things and where the U.S. might be spending a lot on defense because they've got the largest military in the world to keep up. So they would just be allowing the market to take care of construction whereas in Europe, the culture is much more towards spending on, I mean, going back to national champions and things like that. And perhaps creating an Airbus or whatever equivalent to rival the, you know, a kind of French-German. Absolutely. Yeah, it's a kind of culture of government spending in order to support economic titles. And so you're seeing that in the data, would you
Speaker 1
say? Absolutely. But interestingly enough, a lot of the French-German and U.K. defense contractors, they're also in top 100 in the U.S. So they get a lot of defense contracts in the U.S. as well, more like more than they do in their home markets. So that's very interesting. And another thing going back to, you know, you saying markets taking care of construction in the U.S., that is true, but also it is true that a lot of construction-based contracts are just done on lower levels, state or county. That is not, while it's more centralized in Europe. That's a huge difference