Overview
- INDEC’s seasonally adjusted index fell 4.1% from October and dropped 4.7% year over year in November, marking the sharpest monthly setback since October 2024.
- Despite the late‑year cooling, cumulative construction activity in 2025 is up 6.6% versus 2024, reflecting a year of recovery that lost momentum toward the close.
- Input data show a split: sanitary ceramics rose 33.2%, ready‑mix concrete 19.7% and asphalt 17.6%, while hollow bricks fell 19.3%, gypsum 17.8% and ceramic floors 15.0%.
- Sector fundamentals remain mixed, with registered employment up 3.5% to 392,130 jobs and building permits rising 4.1% to 1.60 million square meters, though permits typically lead work with a lag.
- Qualitative surveys find most firms expect no short‑term change in activity and prioritize tax relief, price stability and better credit access to avoid a deeper slowdown in 2026.