European construction output in May approached a new record level, according to Eurostat figures.
The monthly index for production in the construction sector, issued since the beginning of 2015, reached in May a level of 113.2 for the EU27 and 111.7 for the Euro area. These levels are only slightly below the previous record levels reached in January 2020 – before Covid-19 – at 113.4 for the EU27 and 111.8 for the Euro area, Kallanish notes.
The index is based on a value of 100 in January 2015.
The recovery of the construction sector in Europe has been very strong since summer 2020. In April 2020 extended lockdowns across Europe dragged the Eurostat index down to 84.2 and 77.2 for the EU27 and Euro area respectively.
Market sources are reporting construction activity is continuing to perform very strongly in Europe. When they are released, June levels might well mark a new record level for the sector.
Emanuele Norsa Italy
