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UPDATE - Hungary construction sector down 12% yr/yr in September

Output of Hungary’s construction sector was down 12.0% in September from the same month a year earlier, reflecting the absence of major investment projects and a drop of home construction, the Central Statistics Office (KSH) said on Wednesday.

The September yr/yr drop was similar to the 12.3% yr/yr decline in the previous month, and output fell m/m again after a rise in August.

Output in the building segment continued to fall sharply in September but it rose slightly from a low base in the civil engineering segment, in the first twelve-month rise seen since January 2010.

In a month-on-month comparison, output of the construction sector fell a seasonally- and workday-adjusted 2.0% after rising 1.6% in August.

Construction sector producer prices were up 1.8% in Q3 2011 from a year earlier, and the prices in the first nine months were up 2.1%.

Output of the building segment fell 23.0% year-on-year in September after falling 20.6% in August. Output of the civil engineering segment was up 1.4% yr/yr after declining 0.1% in August.

Output of the sector fell 10.6% in January-September from the same period a year earlier after a 10.4% decline in the full year of 2010.

Hungary’s construction sector output fell every year since 2006.

At current prices, construction output totaled HUF 163.0bn in September 2011, down HUF 18.9bn from a year earlier.

New orders signed by construction companies in September were worth HUF 120.9bn, down 12.0% in volume terms from twelve months earlier. New orders in the building segment were down 14.4% in volume terms and totaled HUF 57.7bn at current prices. New orders in the civil engineering segment were 9.8% lower in volume terms than in September 2010 and were worth HUF 63.2bn.

Stock of construction sector orders was down 39.1% at the end of September from twelve months earlier. Order stock was HUF 492.2bn at current prices.

The order stock for buildings was down 41.3% from a year earlier in volume terms at the end of September and was worth HUF 180.8bn. Total orders held by the civil engineering segment fell 37.8% yr/yr and stood at HUF 311.4bn.

New orders in the building construction segment are down yr/yr each month since October 2010. New civil engineering orders fell after twelve-month rises in May and June, the first rises in the segment after steady declines between June 2010 and April 2011.