Globally challenging processes and cost increases in material inputs caused the construction industry to contract by 14.1% in the third quarter of 2022. The high housing interest rates and the increase in the construction cost index created an atmosphere of concern in construction investments. Despite the contraction in the sector, the increase in employment levels increases the sectoral growth expectations for the rest of the year. Issues such as digitalization, sustainability and circular economy continue to come to the fore in new projects.

The construction cost index and the increase in construction materials observed in the quarterly data had a negative impact on the sector.

When the activities that generate GDP are examined, in the third quarter of 2022, depending on the chained volume index compared to the previous year;

• Real estate activities 4.1%
• Industrial activities 0.3%
• Service sector 6.9%
• Finance and insurance activities 21.6%
• While agricultural activities increased by 1.1%;
• Construction activities decreased by 6.9%.