The construction industry in Portugal has once again shown its strength in the face of economic challenges, with the Association of Independent Construction Companies of Portugal (AICCOPN) predicting a growth of 3.4% in construction output for 2022. Despite the constraints that have affected other sectors of the economy, the construction industry has remained strong and continues to hire workers, invest in new projects, and contribute to the economy.
Construction Employment on the Rise
One of the most notable developments in the construction industry in 2022 has been the significant increase in employment. In the third quarter of 2022, construction employment rose by 9%, reaching the highest level in a decade. This suggests that there is strong demand for construction services and that companies are hiring more workers to meet that demand.
Construction Investment on the Rise
Another positive indicator for the construction industry is the increase in investment. In the first nine months of 2022, construction investment rose by 0.8% compared to the same period the previous year. This suggests that companies are willing to invest in new projects and equipment, indicating confidence in the future of the industry.
Gross Value Added (GVA) of the Construction Sector Increases
The Gross Value Added (GVA) of the construction sector also increased by 1.1% from January to September 2022 compared to the same period the previous year. This is a measure of the sector’s economic contributions and further highlights the positive growth in the industry.
Overall, these numbers demonstrate that despite the challenges of the pandemic and economic downturn, the construction sector in Portugal has remained strong. Construction companies continue to hire workers, invest in new projects, and contribute to the economy, showing their resilience and the strong demand for their services.