The sector also saw a month-on-month decline of 2.1%, based on seasonally and working day adjusted indices.
Among the main segments, building construction dropped 3.2%, while civil engineering experienced a sharper decline, falling by 10.2% compared to August 2023.
In the construction divisions, building production decreased by 7.3%, while civil engineering output plummeted by 30.8%. However, specialized construction activities, which hold the largest share of the sector, expanded by 11.5%.
The volume of new contracts concluded during the month decreased significantly by 19.6%. Contracts for building construction dropped by 27.1%, while civil engineering contracts fell by 11.1%.
Despite the downturn in output, the end-of-August stock of contracts at construction enterprises was 22.8% higher than the same period in 2023. This rise was driven by a 51.4% increase in contracts for civil engineering works, though contracts for buildings fell by 5.8%.
Over the first eight months of 2024, construction production volume grew by 1.8% compared to the same period in 2023.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
