Construction soars 28.7% in May

Construction

Rail and road work helped construction output grow 2.2% in May as compared to April, and construction in the first five months of 2014 was up by 28.7% year-on-year, the Central Statistics Office (KSH) revealed today.

According to the KSH, output rose year-on-year in both main groups of construction: Construction of buildings was up 17%, while civil engineering work increased 40.4%. KSH maintained that the rise in May was due to high value contracts for road construction and renovation, tramway line construction and public utility projects.

Seasonally adjusted indices revealed that the construction of buildings increased by 7.0% in May as compared to April, while civil engineering work rose by 2.1% from month to month.

Looking to indicators of future construction, the volume of new orders was down by 1.1% y.o.y. in May 2014, and the measures of new contracts for building construction was down by 20.9%, although new orders for civil engineering work grew by 13.2%. 

The stock of orders of construction enterprises was 60.5% y.o.y. higher by the end of May 2014, with the stock of orders for buildings growing by 0.4% and stock orders for civil engineering work rising by 83.6%.  

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