However, the seasonally-adjusted construction works index managed to reach in September the highest level since April 2021, after a significant 2.5% MoM advance. Also in September and in seasonally-adjusted terms, the index was 8% above the average of the past 12 months.
In terms of market segmentation, the residential segment displays the weakest performance (-1.3% YoY and +0% compared to the past 12 months' average), the non-residential buildings segment has been significantly more active (+21% YoY and +8%, respectively), and the civil engineering works posted the best performance (+23% YoY and +11%, respectively).
The residential segment is visibly hurt by rising interest rates and, more importantly, by the uncertainty faced by households. Real estate developers also claim that the deadlock on the urban planning process in Bucharest made an impact as well.
(source:romaniainsider.com)
