Romania’s construction works up 12.8% y/y in 12 months to November

Romania’s construction works up 12.8% y/y in 12 months to November

/ bne IntelliNews

By bne IntelliNews January 19, 2024

The construction works volume in the 12 months to November 2023 (chart) increased by 12.8% y/y compared to the previous 12-month period, according to data published by the statistics office INS.

The annual growth rate was 12.9% y/y in 2022 and it will most likely remain around the same level in 2023.

The government expects the sector to marginally lose momentum this year (2024) to a 7.1% growth rate but return to an annual growth rate above 9% in 2025-2026 when the infrastructure projects financed under the Resilience Facility must be completed.

The seasonally adjusted index has increased constantly over the past two years – but the market’s segments featured very different dynamics. The most dynamic segment in 2023 was that of civil engineering works (+30% y/y in the 12 months to November), after the non-residential buildings segment (+22% y/y) in 2022.

The residential buildings segment contracted by 7% y/y in the 12 months to November 2023. The segment of non-residential buildings (office, industrial, retail) edged up a modest 2% y/y in the 12 months, as a result of opposite developments in its sub-segments. The industrial and logistics sub-segment is visibly the only one that is thriving, while the office sub-segment keeps bleeding after the work-from-home during the Covid crisis set new expectations for employees.

#romania #construction

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