The construction A collapsed 27.4% annual during 2024 product of the suspension of public works, promoted by the government of Javier Mileiand of the The economic recessionwhich deepened in the first half of last year after strong devaluation of weight in December 2023. Another significant blow to the sector was the exchange appreciationwhich increased the cost of dollars of the materials, taking them to their highest level since 2008.
He Synthetic indicator of construction activity (ISAC) showed a decline 10.2% Last December with respect to the same month of 2023, although he marked his second consecutive rise compared to the previous month, according to the National Institute of Statistics and Census (INDEC).
Compared to the previous month, the index of the desestationalized series rose 3.1%, his second consecutive rise; while the trend-cycle serial index records a positive variation of 2.9%a new acceleration compared to November.
“Comparing with other years of relevant economic recessions, The depth of the fall in the sector was the most important after which it happened at the exit of convertibility And, also, the most accelerated, “they said from the consultant ANALYTICS.
Construction: Employment level
In construction, jobs registered a pronounced fall of 13% In November compared to the same month last year, while in the accumulated of the first 11 months of 2024, this indicator presented a decline 17.2% with respect to the same period of the previous year.
The destruction of jobs is greatly explained by the Public works suspensionsince this indicator takes into account registered workers. It should be noted that the construction is a sector with a large number of unregistered workers or apropists.
Public works suspension: What is expected in 2025?
After the suspension of public works and in the middle of an electoral year, the provinces reactivate paralyzed works, as well as launching other initiatives such as Housing, routes and highways, among other infrastructure.
Mendoza announced the implementation of 144 homes, Salta announced the call for tender for the construction of the Lerma Valley Highway; Santa Fe signed at the beginning of the year the start -up certificate of the third lane of the Rosario-Santa Fe highway.
Government spending on public works a real terms fell, a 76.5% For 2024, according to ANALYTICSwhich is reflected in the composition of the Cement demand. Such is so, that Bulk officesmostly associated with infrastructure projects, a 30.9% accumulated interannualwhile the consumption of Bag cementmore linked to private works, decreased by 18.4%.
Another support, according to Claudio Capraullo It can come from the hand of the private sector, that if price stability is maintained, it can trace the work, beyond the strong increase in inputs measured in dollars.
He Construction cost index (ICC) closed 2024 with an 8.5% increase monthly in December, accelerating in 7.6 percentage points compared to November, which is practically explained in its entirety due to the 1B7.6% increase in the cost of labor.
However, there was an appreciation in dollars, since the CCL exchange rate It rose 17.7% in 2024, while the ICC accumulated an increase of 91.2%. That is, a rise in pesos less than inflation, but that left at the cost of construction at its highest level since April 2018. Although, if the cost of materials is exclusively analyzed, it is at its highest level from September 2008.
Source: Ambito
