1/18/2010

Czech Construction Growth: Probably a Healthy Recovery

On the same day when the HSCO reported a very negative view on the Hungarian construction industry, the Czech CSO also released its main economic indicators for November 2009 (doc). The Czech construction industry grew by a national +7.8% compared to the year before, meaning that it has bounced back from the bottom. The output of the industry was helped by favourable weather (which may change the number of construction days because of Central Europe's weather). The average number of employees in construction enterprises (with 50+ employees) went down by 1.1%, but their average monthly wage reached CZK 32 670, a nominal increase of 5.6% and a real growth of 5.1%. This probably means that during the recession the construction companies have laid off their least productive workers, which will boost their productivity in the recovery.

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