This is the lowest result since November 2009
Chile’s construction activity index Imacon decreased 3.9% y/y in November and fell 3.2% m/m from October, Steel Business Briefing (SBB) reported citing information released by Chile’s construction chamber (CChC).
Although the average construction activity in Chile reached the highest level since the index began in 2004, SBB remarked 2016 was a tough year for the industry. The activity results registered on November were the lowest since November 2009.
President of CChC Sergio Torreti affirmed “the sharp decline in sector activity is nothing other than a reflection of the low private investment in the country and the general weakness of the economy.”
SBB highlighted construction, along with mining, plays a key role in Chile’s steel consumption and reminded the importance of long steel products in these economic sectors.
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