Award activity increased for the second consecutive month on a year on year basis, at a national level, up 42 percent y-y in January 2023. This follows a rather depressed 2022, when the number of construction projects awarded declined by 20 percent y-y. The value of these projects increased by 175 percent, with a notable increase in the civil sector. On the downside it was a weaker month in terms of tender activity that slumped by 11 percent y-y, with weaker tendering activity in both the building and civil sectors. Cancellations were relatively on par with the same period in 2022, with around 12 projects that we know of, mainly in the building industry. The postponement rate (postponements in relation to tenders published during the same period) eased back into lower digit rates, overall, although it remains quite high for the residential sector. Please contact our offices for more information.
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