Construction output volume up 10.5% y.o.y. in March

Construction

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The volume of construction output in March 2022 surpassed the previous year’s level by 10.5% according to raw data published by the Central Statistical Office (KSH).

Compared to March 2021, output increased in both main groups of construction: in the construction of buildings by 10.6% and in civil engineering by 11.4%.

Output in the divisions of construction grew by 18.7% in the construction of buildings, and by 8.1% in civil engineering. Specialized construction activities increased by 5.8% compared to the previous year.

The volume of new contracts concluded decreased by 30.2%, within it the volume of new contracts for the construction of buildings was 30.3% lower and the volume regarding civil engineering lessened by 30% in relation to the March 2021 base.

The volume of the end-of-March stock of contracts at construction enterprises was 6.4% above the end-of-March-2021 level. The volume of contracts was down by 8.0% for the construction of buildings and up by 17.8% for civil engineering, year-on-year.

Construction output grows in Q1 2022

Construction output rose by 15.7% in the first three months of 2022, compared to January-March 2021.

In the first quarter, of 2022 within the divisions of construction, prices increased by a similar rate (23.7 and 22.8%) in the construction of buildings and in the greatest weight-carrying specialized construction activities, and they grew by 14.4% in civil engineering compared to the first quarter of 2021.

The price increase was caused, besides the growing demand, by the rising costs, especially the significant price hike of several building materials, KSH notes.

Q1 construction prices were 6.6% higher than in Q4 2021.

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