Dramatic construction boom

In Nov140116_Építőipar2_ENember 2013, the output in the construction industry grew by a whopping 18.9% compared to the same month of the previous year, the highest rate since September 2005. The growth was robust (above 10%) in both main groups of construction  – buildings and civil engineering – but the exploding growth of the construction of buildings – 27.9% – provided the real surprise. As it seems, this extraordinary growth – apart from some statistical base effects – is in great part due to healthcare building projects. This means that the further acceleration of construction gro140116_Építőipar1_ENwth is driven by EU-funded public investments, rather than by demand from the private sector.

Due to the outstanding growth in November, the cumulative growth rate in January-November 2013 hit 9.5%. A roughly similar growth rate is likely for 2013 as a whole.