The Czech construction industry experienced a decline of 2.7% in May compared to the previous year. Both engineering and land construction projects have decreased. However, there was a 1% growth in May compared to April, as the Czech Statistical Office (CSU) reported on Friday.
The last time the Czech construction industry saw an increase in year-on-year comparison was in January. Since then, it has decreased to 2.7% in May from 6.4% in April.
Petra Curinova, the head of CSU’s construction statistics and housing department, stated, “In May, construction production grew by 1% compared to April. It decreased by 2.7% compared to the same period last year. Both engineering and land construction projects contributed to this decline.”
The decline in construction production in the Czech Republic is a cause for concern as it affects its economy. The sector accounts for a significant portion of the country’s GDP and employment.
Despite the decline, there is still hope for the industry. The year-on-year decline slowed in May, indicating that the industry may be stabilizing. Additionally, the growth in construction production in May compared to April is a positive sign for the industry.
The CSU’s report also highlighted that the decline in construction production was due to a decrease in the construction of new buildings. However, the repair and maintenance of buildings saw an increase.
The Czech construction industry must continue exploring new opportunities and investing in innovative technologies to promote growth and stability. The decline in construction production in May should serve as a wake-up call for the industry to focus on long-term strategies to ensure a bright future.