Robust non-residential building projects in Romania offset correction in public works segment

Overall, the volume of construction works in Romania posted a 5% y/y advance in Q4 2025, after a sharp 14.4% y/y surge caused by one-off accelerated reporting/contracting not linked to real activity, but the dynamics of the three main segments of the market have very different dynamics. In seasonally-adjusted terms, the construction works activity plunged by 9.8% q/q in Q4, reversing the 12.4% q/q advance in Q3 (one-off effects), according to the statistics office INS.

The growth drivers for the coming quarters remain public works (civil engineering) backed by abundant EU funding (Resilience Facility) and non-residential buildings driven by highly dynamic sub-segments in the logistics and industrial area. The residential buildings segment has lost momentum through 2023, failed to gain ground in 2024, and somehow recovered in 2025 – but the outlook as reflected in households’ sentiment and still high interest rates remains gloomy.