Overview

• INDEC reported a 0.6% seasonally adjusted monthly rise in August manufacturing, with output still 4.4% below a year earlier and up 4.4% in the January–August comparison off a low 2024 base.
• The construction ISAC rose 0.5% month on month in August and 0.4% year on year, leaving activity 8% higher in the first eight months of 2025 but roughly at late‑2024 levels and below April’s peak.
• Grupo Construya said September private‑sector inputs increased 1.08% from August and 6.5% year on year, with January–September up 6.9% though shipments remain about 8% below June–July highs and the index excludes national public works.
• Input use was sharply mixed in August, led by asphalt (+61%), granite and cement tiles (+32.3%) and ready‑mix concrete (+22.5%), while hollow bricks (−14.7%), gypsum boards (−11.5%) and lime (−9.5%) declined.
• Sector surveys point to a weak near‑term outlook, with 64.9% of firms expecting no change in activity over the next three months, as financial volatility and import competition weigh and construction jobs show a 4.6% annual rise in July but a 0.6% drop year to date.