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The construction business in Albania reached a record of 2.9 billion euros

10 march 2023

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The construction sector in Albania has seen active activity in recent years, according to data from INSTAT's structural monitoring of enterprises. The number of companies in the industry has also increased significantly, BalkanEngineer.com learned from Albaniandailynews.com.

According to INSTAT, in 2021 the total revenues of the sector reached a record 329 billion lek, or almost 2.9 billion euros. Compared to the previous year, revenues increased by nearly 20%. About a third of this sector is driven by public investment. According to data from the Ministry of Finance, capital spending, most of which goes into financing roads or other public constructions, was about 127 billion lek in 2021. The rest is private investment, mostly in housing construction and less in tourism.

Since 2015, the construction sector has resumed its rapid development, which coincides with the rapid increase in the areas with building permits granted by the Municipality of Tirana, where there is the largest concentration of construction activity. After a slight decline in 2019, coinciding with the steppe of the country's strong earthquake on November 26, the sector regained momentum in 2020.

The trend continues into 2022 and is expected to continue based on building permits issued. According to INSTAT, the area of building permits granted by the Municipality of Tirana for the 9th month of 2022 is 1.46 million square meters. Compared to the same period of the previous year, the areas planned for construction increased by 16.7%. This is the highest level of permits ever issued in the capital since at least 2002.

Photo source: canva.com

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