Romania’s seasonally-adjusted residential construction index exceeded the pre-crisis maximum hit in August 2008 by 1.5%, according to statistics office data released on October 13.
As the other segments of the market were lagging behind, the overall construction index was still 32% lower than nine years ago, hovering with no particular direction since 2010.
The construction works index edged up a mere 0.4% y/y in July-August and contracted by 0.6% y/y in August alone, but this was still a good performance compared to the 12% y/y contraction in Q2.
Civil engineering works kept lagging in July-August (-21% y/y) after a similar massive 20%-30% y/y contraction seen in Q1-Q2. The segment of non-residential buildings (retail spaces, office buildings) saw a milder yet significant average decline (-10% y/y) in the first two months of Q3 after the negative performance in the first two quarters of the year.
Overall, the market performance in January-August this year remained in the negative area (-4.9% y/y) despite the outstanding activity in the residential segment (+86% y/y). This was mainly due to the subdued activity in the civil engineering segment (-26% y/y) on subdued public financing, but also to the 10% contraction in the non-residential buildings segment.
|Construction Works y/y||2013||2014||2015||2016||Q1 17||Q2 17||Jul-17||Aug-17|