Turkiye’s construction material industrial production increased by 13.5% in the 3rd quarter

Construction material industrial production increased by 13.5% in the third quarter of the year.

November 2023 results of the Turkish Construction Material Manufacturers Association (Turkiye IMSAD) Monthly Sector Report have been announced. Accordingly, the construction sector, which contracted for a while, showed growth again.

In the third quarter, the sector grew by 8.1% compared to the same period of 2022. The start and increase of reconstruction activities in the earthquake zone and the decrease in uncertainties after the elections supported the construction sector. The growth rate of the construction sector in the January-September period was 6.3%. The construction sector is expected to grow by 6% throughout the year.

Although construction material production slowed down in the first quarter due to the Kahramanmaras-centered earthquakes and the decrease in exports, it continued to increase by 1.2%. The increase rate was 1.4% on an annual basis in the second quarter, despite the aftereffects of the earthquake, the uncertainty of the election process, the slowdown in foreign markets and the decrease in the number of working days.

Construction sector confidence index increased

According to the report, construction material production grew by 13.5% in the same quarter, higher than the first two quarters. While the growth rate reached 29.8% in July, it was 5.4% in August and September. The high growth in the construction sector in the July-September period also caused a significant increase in the construction material industry production.

The construction sector confidence index increased by 1.3 points in November compared to the previous month. The increase in existing construction works and new construction orders in November, due to urban transformation and mobilization before local elections, contributed positively to the increase in sector confidence.

The current level of construction work increased by 2.4 points in November compared to the previous month, while the new orders index increased by 1.4 points.

Source: AA / Prepared by Irem Yildiz

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