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The construction work volume in the 12 months to November 2023 increased by 12.8% y/y compared to the previous 12-month period, according to data published by the statistics office INS.
The annual growth rate was 12.9% y/y in 2022 and most likely remained around the same level in 2023. The government expects the sector to marginally lose momentum this year (2024) to a 7.1% growth rate but return to an annual rate above 9% in 2025-2026 when the infrastructure projects financed under the Resilience Facility must be completed.
The seasonally adjusted index has increased constantly over the past two years – but the market’s segments featured very different dynamics. The most dynamic segment in 2023 was that of civil engineering works (+30% y/y in the 12 months to November), after the non-residential buildings segment (+22% y/y) in 2022.
The residential buildings segment contracted by 7% y/y in the 12 months to November 2023.
The segment of non-residential buildings (office, industrial, retail) edged up a modest 2% y/y in the 12 months as a result of opposite developments in its sub-segments. The industrial and logistics sub-segment is visibly the sole one that thrives, while the office sub-segment keeps bleeding after the work-from-home during the COVID crisis set new expectations for employees.
(Photo source: Dreamstime.com)
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