CONSTRUCTION: Construction Volume Expands by 34% Y-o-Y in Q1
16 Jun 2011 • by Natalie Aster
The total production volume of Estonian construction enterprises in Estonia and foreign countries grew by 34% year-on-year in the 1st quarter of 2011, according to the statistical office Eesti Statistika.
In the 1st quarter of 2011, the construction volume reached EUR 264m, of which building construction accounted for EUR 176m and civil engineering – EUR 88m. In yearly comparison, the volume of building increased by 40% and that of civil engineering by 27%.
The rapid growth in construction volume in Q1 2011 is mainly a result of the low reference base in the respective quarter in 2010 when the construction market bottomed. Regardless of the rapid increase, the construction volume has still only reached the level of Q1 2004 in Q1
2011.
While the construction enterprises have outlived the crisis mainly by constructing infrastructure objects, by now also the building construction is on the upswing, supported mostly by reconstruction orders.
The construction volume of Estonian enterprises in foreign countries increased by 71% in the 1st quarter of 2011 compared to the same quarter previous year, mainly due to the building construction. The share of the construction exports accounted for 15% of the total volume in the 1st quarter.
Compared to the previous quarter, the seasonally and working-day adjusted construction volume increased by 14%.
According to the data of the register of construction works Ehitisregister, 366 dwellings were completed in Q1 2011, twice less than in the same period of 2010. Over a half of the completed dwellings comprised of one-family, two-family or terraced houses, the majority of which were situated in the neighbouring municipalities of Tallinn. At the same time, building permits were granted for the construction of 990 dwellings in Q1 2011.
The above news abstract has been taken from a bi-weekly newsletter to professionals doing business in Eastern Europe "news2biz – Property and Retail".
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