Construction output and construction production (volume) index

Construction production (volume) index is a business cycle indicator that measures short-term changes in the price-adjusted output of construction activities. The construction volume index is conceptually similar to the industrial production (volume) index, as both indicators measure changes in the volume of output produced within a specific sector of the economy over a specific period. However, while the industrial production index covers industrial activities, the construction volume index covers activities classified under Section F (Construction) of the statistical classification of economic activities in the European Community (NACE).

To avoid double counting, the indicator reflects only the work carried out by own workforce. If part of a project is subcontracted, the work is recorded only in the data of the subcontractor carrying out the work. 

Production is recorded on an accrual basis (based on the work completed), rather than on the basis of cash flows or invoices issued. This means that enterprises report the value of work actually carried out during the quarter, including unfinished work (construction in progress) and work for which invoices had not yet been issued by the end of the quarter. Therefore, this indicator does not correspond to turnover in the respective period.