Unprecedented output growth in Hungary’s construction sector

In August 2017, output volume in the construction sector grew by 36.8 percent year-on-year, a record high figure. The sector may continue to expand at a robust pace, Minister for National Economy Mihály Varga said, commenting on the latest construction sector data published by the Hungarian Central Statistical Office (KSH) earlier yesterday.

The sector’s growth is being increasingly underpinned by the Family Housing Allowance scheme;

the number of newly built homes was up by 46 percent and the number of building permits increased by more than 40 percent year-on-year, in the observed period, he added.

The pace of growth was outstanding in August, also when compared to data from the V4, and it is likely to place us on top of the EU ranking when comparable data become available, Mihály Varga noted. Since 2010, output at the domestic construction sector has increased by more than 20 percent. As far as construction sector categories are concerned, output in the construction of buildings was up by 46.8 percent year-on-year, due mainly to the building of industrial and storage facilities, and to a lesser extent, of sports facilities as well as educational and residential buildings.