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This article is a summary of the figures published by the Hungarian Central Statistical Office on the performance of the construction industry in January 2021. Both the monthly and yearly figures paint an encouraging picture, but due to COVID-19, it is too early tell whether the crisis is really in the rear view mirror.

Figures from the Central Statistical Office

In the definition that the Hungarian Central Statistical Office (“KSH”) uses when it collects data, construction industry activities include the shell and core construction of buildings and other facilities, the construction of new buildings, as well as the renovation and remodelling of existing buildings.

The latest raw data reported by the Central Statistical Office show that construction output in January 2021 was higher by 11% than a year before.

Output grew in both of the main categories of construction in January 2021, with a 10% increase in buildings and 12.8% increase in other facilities. There was an increase of 21.4% in the case of buildings, 15.3% in the case of other facilities and 3.1% in the case of specialised construction activities.

According to indices adjusted for seasonal changes and monthly business days, output in the construction industry grew by 7.4% compared with December 2020, and the January 2021 figure was higher by 32.8% than the figure reported in May 2020, the worst month of last year.

There was a year-on-year growth of 8% in the value of newly signed construction contracts, with an increase of 326.9% in the case of contacts for other facilities and a drop of 32.2% in the case of contracts for buildings.

The overall value of existing construction contracts at the end of January 2021 was higher by 11.5% than a year before. The value of contracts for buildings and for other facilities was higher by 27% and 2.2%, respectively, compared with year-on-year data.

Authors: András Fenyőházi and Zsanett Szabó

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