Construction Output Volume Down 8.1% y.o.y. in June

Construction

The volume of construction output in Hungary fell short of the previous year’s level by 8.1% in June 2022, according to raw data published by the Central Statistical Office (KSH).

Out of the two main groups of construction, the output of the construction of buildings decreased by 4.8%, and that of civil engineering fell by 11.7% year-on-year.

Among the divisions of construction, production decreased by 6.3% in the construction of buildings and by 15.9% in civil engineering. Specialized construction output declined by 4.3% compared to June 2021.

The volume of new contracts concluded was below the June 2021 base by 27.8%, within it the volume of new contracts for the construction of buildings was 37% lower, and the volume regarding civil engineering lessened by 11.1%.

The volume of the end-of-June stock of contracts at construction enterprises was 1.2% above the end-of-June 2021 level. The volume of contracts was down by 10.9% for the construction of buildings and up by 10.4% for civil engineering, year-on-year.

Compared to January-June 2021, construction output rose by 7% in the first six months of 2022.

In the 2nd quarter, within the divisions of construction, prices increased by a similar rate, by 27.7% and by 27.2% in the construction of buildings and in the greatest weight-carrying specialized construction activities, and they grew by 19% in civil engineering compared to the 2nd quarter of 2021. The price increase was principally caused by rising costs, notably the significant price hike of several building materials, KSH notes.

Construction prices were 7.6% higher than in Q1 2022.

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