The results of the Turkish Construction Material Industrialists' Association (Türkiye İMSAD) Monthly Sector Report for March were announced.
The report, which is evaluated according to the construction sector and construction materials industry, showed that the increase in production in the construction materials industry in January was 3.3 percent.
While an increase was observed in 10 sub-sectors of the construction materials industry, production decreased in 12 sub-sectors.
Considering last year's data, construction material industry production increased by 5.7 percent compared to 2022. The 7.8 percent growth in the construction sector after 5 years had a significant impact on this increase.
Construction sector contributed 1.5 percentage points from election promises
In the upcoming period, urban transformation activities, retrofitting works and earthquake preparedness pledges made by municipalities ahead of local elections are expected to contribute 1.5 percentage points of growth to the construction sector. The ongoing construction of non-residential buildings, public buildings and social facilities, especially in earthquake zones, are among the factors that will accelerate this process. By the end of March, the construction of 78 thousand houses in earthquake zones had been completed, while the target is to complete the construction of 122 thousand more houses by the end of the year.
Public construction activities are expected to contribute 1 percentage point to the growth of the construction sector with ongoing and upcoming priority projects, even though the growth rate of public investments is limited this year. However, residential and non-residential construction activities in the private sector are expected to experience limited growth due to tightening policies and high interest rates and costs.
According to the report, the level of employment in the construction sector continues to increase. Having risen to 1.78 million in the second half of 2023 and maintained its high level in the last quarter, employment fell slightly in January 2024 due to seasonal effects, but still remained above January 2023 and 2022.
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