Construction investment ended flat q-q and 0.7% lower y-y in Q2, although performance differed notably across the main market segments. Residential investment recorded the strongest quarterly improvement, rising 3.9% q-q, while investment in non-residential buildings and construction works declined. Compared with 2025Q2, residential investment remained 6% lower, while construction works were unchanged following growth of 4.8% y-y in Q1. Non-residential building was the only segment to record annual growth, increasing by 7%, marking a second consecutive quarter of improved real investment levels. Encouragingly, the contraction in total construction investment has moderated from -1.8% y-y in Q1 to -0.7% in Q2. However, this remains well below expectations given government’s commitment to accelerate infrastructure expenditure, with little evidence so far of a meaningful uplift in construction works and economic infrastructure.