After three months of decline, the construction industry has finally shown signs of recovery, posting a 2.5% year-over-year growth in November. The increase was partly attributed to a low comparison base from November 2023, which experienced heavy rainfall.
Both civil engineering and building construction sectors demonstrated positive momentum, with month-over-month growth reaching 1.8%. A particularly encouraging development has been observed in residential construction, catching the attention of industry experts.
According to Petr Dufek, chief economist at Creditas Bank, the initiation of 3,600 new housing units marks one of the strongest months of the year. Prague leads this surge, accounting for more than half of the annual increase in housing construction, followed by the South Moravian region and Brno, which contributed nearly one-third of the growth.
However, experts caution that this concentration of projects in a single month might lead to slower activity in subsequent periods. The overall picture remains challenging, with only 37,000 housing units initiated over the past twelve months – a figure that falls short of meeting the growing demand for housing and investment opportunities.