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July construction output down from June, up from 2012

Construction

Despite at least one major news outlet’s assessment that the Hungarian “construction sector output screech[ed] to a halt” in July with a 1.6% decrease month-on-month, the latest round of figures from the Central Statistics Office (KSH) on the industry nevertheless indicated a 1.9% jump over the same period in 2012.

According to KSH’s unadjusted data, output rose year-on-year in both construction of buildings and civil engineering works by 3.4% and 0.6%, respectively. KSH attributed this increase to – aside from the low base – a rise in the output in building installation. The construction of civil engineering works showed a slight increase of 0.6%.

Based on seasonally-adjusted indices, KSH reported that the construction of buildings fell by 6.4% after a two-month period of growth, while that of civil engineering works decreased by 0.3% m.o.m.

In July, the output of building construction was 1.1% lower than in 2012. Civil engineering construction subsector output decreased by 2.6%. Specialized construction activities, representing more than 40% of overall construction output, rose at a rate of 7.2% in output y.o.y.

For the month, the volume of new orders was 34.9% higher than in July 2012. Within this, new contracts for building construction increased by 1.6%. At the same time, new orders for civil engineering works grew y.o.y. by a whopping 52.8%, owing to a few contracts of high value for highway construction.

At the end of July 2013, the stock of orders of construction enterprises was 19.0% higher than a year ago. The stock of orders for buildings was 1.0% higher than one year ago, while that for civil engineering works went up by 27.4%.

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