Volume of works up 8.7%, showing an upward trend in the construction sector

In November 2023, the construction sector recorded a significant increase, both compared to the previous month and to the same period of the previous year. Data from the National Institute of Statistics shows gross expansion of 8.7%, and adjusted for working days and seasonality, growth stands at 2.6%.

Main findings:

Compared to October 2023:

Total growth of 8.7% in work volume.

Capital repair work saw the most significant increase of 35.6%.

New construction was up 7.3%, while maintenance and current repair work was up 2.4%.

Compared to November 2022:

Significant advance of 14.3% in volume (gross series).

Capital repair work increased by 25.8%, new construction by 15.5% and maintenance and repair work by 6.3%.

FY1-XX2023 compared to FY1-XX2022:

Growth in volume of works by 12.5% (gross series) and 12.6% (adjusted).

Capital repair work recorded a notable increase of 18.9%, new construction advanced by 13.2% and maintenance and current repair work increased by 7.9%.

Analysis by structural elements:

Engineering construction increased 34.5% in November 2023 compared to the same month in 2022.

Residential and nonresidential construction saw declines of 8.6% and 5.6%, respectively.

Conclusion:

The construction sector continues to see growth, showing steady growth across various categories of work. The data show robust activity in capital repairs, new construction and ongoing maintenance and repairs.