The latest data on the production index for construction and civil engineering activity in Norway reveals a modest growth in May 2023 compared to the previous month. The production index increased by 1.0%, indicating a positive trend in the sector.
The production index measures the changes in the volume of output within the construction and civil engineering industry. It provides valuable insights into the overall economic activity and performance of the sector. The data also includes seasonally adjusted and calendar-adjusted figures to account for any fluctuations and ensure accurate comparisons.
Breaking down the data, the report shows that building construction saw a slight increase with a month-on-month change of 0.9%. However, it experienced a decrease of 2.3% compared to the same period last year. On the other hand, specialized construction and civil engineering activities witnessed a positive growth of 0.8% in May 2023, with a 1.3% increase in the 12-month period.
An analysis of the construction sector as a whole indicates that while there was a positive upswing in May, the industry still faces challenges. Civil engineering activities, in particular, experienced a slight growth of 0.7% compared to the previous month but recorded a significant decline of 7.9% when compared to May 2022.