Civil construction drives growth

In February, terrestrial construction decreased by 1.5 % compared to the same period last year, while civil construction surged by 19.4 %. "Civil construction was the driving force, aided by a low base and favorable weather conditions," said Radek Matejka from the Czech Statistical Office. Municipal construction includes transportation or energy facilities, where work commenced in February due to the absence of frost and snow.

Housing construction trends

The decline in civil construction in February is illustrated by the development in housing construction. Particularly, the construction of multi-apartment buildings saw a decrease of 47.2 % compared to February last year. "Project implementation often faces delays due to expensive financing. However, this issue is easing due to gradually declining interest rates," commented economist Stepan Krzeczek from BHS.

Completion rates

Builders completed the construction of 3,331 apartments, indicating a growth of 24.3 % compared to the previous year across all categories except single-family homes.

Source: www.aroundprague.cz