Construction works, down by 27.1 pc in February 2010

Construction works were down by 27.1 percent in February 2010 year on year, with the most affected being residential construction, who was down 60.9 percent, and non-residential construction, down by 36.8 percent, according to provisional data released on Friday by the National Statistics Institute (INS).

Construction works were down in February 2010 on a monthly basis both unadjusted series and adjusted for business days and seasonality. The drop was 3.4 percent and 13.8 percent, respectively. Construction works were also down in the first two months of 2010 combined, by 19.5 percent unadjusted series and by 18.3 percent when adjusted for business days and seasonality.

According to data with the INS, the drop in construction works unadjusted series in February was the result of diminished activity on various segments of the construction industry: maintenance and current repair works were down by 8.6 percent; overhaul works were down by 1.2 percent while new construction works declined 1.1 percent.

By construction types, works declined 8.8 percent as far as residential construction was concerned and 7.8 percent as far as engineering structures were concerned, while the volume of works on non-residential construction advanced 11.4 percent. Construction works unadjusted series was down by 19.5 percent January 1 – February 28, 2010 compared with the similar interval of 2009, with the highest declines having been recorded in overhaul works (37.8 percent) and new construction works (32.5 percent).

By construction types, the declines were 53.1 percent for residential construction and 32.7 percent for non-residential construction, while engineering structures were up by 13.5 percent. Construction works adjusted series for business days and seasonality declined 18.3 percent over the first two months of 2010.
The INS survey was drawn up on comprehensive data collected from 2,500 business operators which main business is construction and which have high economic potential, employing more than 50 staff. The error carried by the provisional estimates is plus/minus three percentage points.

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