Milei's Management: Construction and Industry Grew in September

The Argentine economy has begun to unleash its full potential under the renewed free market model driven by the administration of President Javier Milei. The national government is consolidating a structural transformation based on trust and real productive development. The construction sector has become the spearhead of this economic recovery. According to official data released by the National Institute of Statistics and Censuses (INDEC), the Synthetic Indicator of Construction Activity (ISAC) recorded a remarkable advance of 7.8% monthly in September in the seasonally adjusted series and an acceleration of 5.1% year-on-year.

This impressive monthly jump of 7.8% constitutes the highest improvement recorded since mid-2024, also reaching the highest value for the indicator since May. The strength of the figures for September continues the expansionary path initiated in previous months, where the improvement of 1% recorded in August and the previous jump of 6% observed in May stood out. Thanks to this powerful acceleration, the accumulated balance for the first nine months of the year has firmly positioned itself in positive territory with an increase of 1.3% compared to the same period in 2025.

This rebirth of activity is the direct result of the financial relief plan for the private sector designed by Minister Luis Caputo, which benefited companies and SMEs through the promotion of loans, the suspension of seizures, and the elimination of distorting taxes.

The strength of construction activity is particularly evident in the overflowing consumption of essential materials for the industry. In September, the demand for key inputs recorded double-digit year-on-year increases and solid advances in its most strategic categories:

Construction paints led the growth with an extraordinary year-on-year surge of 22.4%.

Ready-mix concrete experienced an expansive year-on-year increase of 12.8%.

Rebar and construction steels showed a solid year-on-year advance of 5.2%.

Portland cement confirmed the dynamism of construction projects with a year-on-year rise of 4.6%.

The push of the pro-market model has immediately translated into greater formal job creation and new real estate investments. In terms of employment, during the month of August, a total of 382,669 registered salaried jobs in the private sector within construction were counted, representing an increase of 1.7% compared to the same month in 2025. Thus, in the accumulated period of January-August, the level of registered employment in the sector consolidated a year-on-year improvement of 0.8%.

Meanwhile, the projection of future activity reflects sustained optimism through the accumulated area in building permits, which recorded an expansion of 4.8% in the first eight months of the year. Specifically, in the month of August, the authorized area for construction reached 1,292,308 square meters.

Alongside construction, national manufacturing showed a clear uptick driven by economic deregulation and stability. The Manufacturing Industrial Production Index (IPI Manufacturing) grew 0.7% monthly in September.

The Minister of Economy himself, Luis Caputo, celebrated these strong results through his official account on the social network X, enthusiastically stating: "CONSTRUCTION AND INDUSTRY GREW IN SEPTEMBER".

When analyzing manufacturing production at a disaggregated level, the most dynamic sectors recorded marked month-on-month increases during September:

The category of Textiles, clothing, leather, and footwear soared an impressive 7.4% month-on-month.

The sector of Wood, paper, publishing, and printing advanced a notable 5.2% month-on-month.

The sector of Furniture and other manufacturing industries recorded a rise of 1.9% month-on-month.