Serbia’s completed construction activity remained below its 2025 average in the first quarter of 2026, according to the National Bank of Serbia bulletin, despite infrastructure, urban-development and housing projects forming part of the country’s investment pipeline.
The value index of completed construction works was 68.6 in the first quarter of 2026, measured against the 2025 average. The index for completed dwellings was lower at 61.2.
Infrastructure Pipeline Includes Multiple Project Categories
Construction activity is connected to infrastructure works, EXPO-related investments, roads, railways, utilities, urban development and residential construction.
The first-quarter figures partly reflect seasonal conditions, while also indicating the timing and phasing of project execution during the opening months of the year. Infrastructure investment can include roads that reduce logistics costs, railways that support freight transport, grid infrastructure for renewable-energy projects and utility works serving industrial zones. Such projects are linked to trade, energy systems, logistics and industrial locations.
Residential Construction Below Annual Benchmark
The completed-dwellings index of 61.2 showed residential construction below the 2025 average at the beginning of 2026. The residential market is affected by interest rates, housing affordability, construction costs and buyer demand. These conditions are relevant for banks, property developers, households and local-government revenues.
Construction projects can support short-term demand and can also create infrastructure assets. The economic impact of completed works depends on their role in logistics, grid access, urban efficiency and industrial development.
Project Delivery and Investment Execution
The infrastructure component of construction activity may increase later in 2026 as major projects move forward. The first-quarter data, however, showed that completed works had not yet produced a broad statistical increase in construction output. Project delivery involves execution schedules, procurement processes and the selection of infrastructure priorities. Roads, railways, energy infrastructure, utilities and industrial-zone development are among the areas connected to the construction cycle. The 68.6 index for completed construction works and the 61.2 index for completed dwellings recorded the sector’s position in the first quarter relative to the 2025 average.
