Euro Area Construction Output

Construction output in the Euro Area rose by 0.8% from the corresponding period of the previous year in January of 2024, extending the upwardly revised 2.8% jump in the final month of 2023. The revised data reflected the 13th consecutive month without contraction in the currency bloc’s construction output, pointing to some resilience to the ECB’s historical hiking campaign. Production was higher, albeit slower, for civil engineering (2.8% vs 6.6% in December 2023) and specialized construction activities (0.9% vs 2.4%), offsetting the fresh decline in construction of buildings (-2.4% vs 1.7%). From the previous month, construction output rose by 0.5% for the second consecutive period on a seasonally adjusted basis.