According to the latest data released by Statistics Finland, the seasonally adjusted turnover of construction companies in Finland experienced a decline of 1.0% in May 2023 compared to the same month in the previous year.
Key Highlights:
- Residential Construction Sector Struggled: The weak performance in turnover and sales volume was mainly attributed to the residential construction sector, which saw a significant downturn. The turnover in this sector dropped by 8.9% YoY, and the sales volume decreased by 13.3% compared to May of the previous year.
- Civil Engineering Flourished: Despite the overall decline in construction industry turnover, the civil engineering sector showed resilience and experienced robust growth. The turnover of civil engineering projects increased by 11.6% YoY, and the sales volume grew by 7.3% compared to the same period last year.
- Specialized Construction Activities’ Mixed Results: Specialized construction activities witnessed a 3.2% increase in turnover compared to May of the previous year. However, the sales volume for this sector declined by 1.8% YoY.
- Turnover Growth from April: The seasonally adjusted turnover in the construction industry also showed signs of improvement when compared to the previous month. In May 2023, the seasonally adjusted turnover increased by 1.5% compared to April. The seasonally adjusted sales volume also grew by the same percentage from April.
The data indicates a mixed performance in the Finnish construction industry in May 2023, with some sectors facing challenges, while others showed positive growth. The downturn in residential construction raised concerns, but the growth in civil engineering and specialized construction activities offered optimism for the industry’s overall prospects.