The value of completed construction works in the first quarter of this year is seven percent lower compared to the same period last year, while they are 16.9% lower compared to the fourth quarter of 2022, according to Monstat data.
The effective hours spent on construction sites in the first quarter are 1.5% lower than in the first quarter of last year. The effective hours performed are 5.7% less compared to the fourth quarter of 2022 – they stated from Monstat.
As Monstat explained, the value of completed construction works includes material costs, labor costs, demolition costs, site preparation, installation costs, general costs and profit. The value does not include the costs of land acquisition, design, supervision and VAT.
They also state that the data on the value of completed works refer to works performed in the reporting period on completed and unfinished buildings. The effective hours of work performed include the hours worked by workers engaged on construction sites in regular working hours as well as in overtime hours.