Among those Member States for which data are available for July 2007, construction output rose in seven and fell in seven. The highest increases were recorded in Romania (+26.3%), Slovenia (+17.9%) and Poland (+17.0%). The largest decreases were recorded in Hungary (-14.6%), the United Kingdom (-6.6%) and Belgium (-4.9%).
Here's the construction output index for the most recent months:
What we can see is that the rate of expansion has slowed noticeably over the last three months. Now here's the quaterly index going back to 2002:
and here's a chart of the monthly year-on-year changes going back to the start of 2005. As we can see there was a massive rate of increase which seems to have peaked in April of this year, since which time it has been slowing down.
The result of all this frantic construction activity in an economy with constrained capacity is, of course, completely to be expected: the price of construction surges upwards:
The effect of this on wages and salaries should not surprise us too much either, and here is the index of salaries to confirm our worst suspicions:
As we have noted, and despite the inability of the Romanian government to face up to this at either the official statistical level, or at the level of beginning to grasp the implications, there are currently nearly half a million Romanians working in Spain, and logically these Romanians are not available to work in construction in Romania, so it is hardly surprising if wage inflation in construction has been enormous, as again can be seen in the year on year quarterly increase chart: