Housing construction activities down 18% in a month

August 5, 2020 - 15:11

TEHRAN – Housing construction activities and services across Iran decreased by 18 percent in the fourth Iranian calendar month of Tir (June 21-July 21), IRNA reported, citing Iran Chamber of Cooperatives (ICC).

As reported, the Purchasing Managers Index (PMI) for the construction sector fell to 52.78 percent in the mentioned month.

PMI is a measure of the prevailing direction of economic trends in manufacturing. The PMI is based on a monthly survey of supply chain managers across 19 industries, covering both upstream and downstream activity.

Other indicators among the main components of PMI which include the number of new orders, the speed of order fulfillment, the figure for the raw materials purchased, and the recruitment of manpower, also experienced a decrease in the mentioned period.

As for the residential building market, based on the Central Bank of Iran (CBI) data, the volume of trade for residential apartment transactions in Tehran (as a statistical sample for the whole country) in the mentioned month increased by 30.3 percent compared to the previous month.

Housing prices in Tehran also experienced monthly inflation of 10.4 percent in the said period.

The prices have also risen in the production and supply of construction equipment, due to foreign currency market fluctuations and the rising prices of raw materials in some items, as well as the coronavirus outbreak, according to the ICC Statistics and Planning Department.

EF/MA

Leave a Comment

8 + 2 =