At the start of 2026, Morocco’s construction and public works sector has entered a period of slowdown, shaped by a combination of adverse weather conditions and seasonal factors. Cement sales—widely considered a key indicator of activity in the sector—fell sharply by 15.8% by the end of February, according to the Direction des études et des prévisions financières.
This decline reflects the impact of unusually heavy rainfall during January and February, which disrupted construction activity across multiple regions of the country. Work on many building sites was either slowed or temporarily halted, as persistent rain made conditions unsuitable for ongoing operations.
The slowdown was further reinforced by the arrival of Ramadan in the final third of February, a period traditionally associated with reduced working hours and lower productivity, particularly in physically demanding sectors such as construction.
In February alone, cement sales dropped by 12.6%, affecting most categories of demand, including residential and private construction. However, infrastructure-related cement sales stood out as an exception, registering a 5.4% increase, suggesting that large-scale public projects continued despite the challenging conditions.
Despite this decline in on-the-ground activity, financing indicators tell a more nuanced story. Outstanding real estate loans grew at a faster pace, reaching 3.5% by the end of January 2026, compared to 2.8% a year earlier. This growth was driven by a 3% increase in housing loans, alongside a 5.1% rise in property development financing.
This contrast highlights the temporary nature of the current slowdown. While construction activity has been affected by external factors, underlying demand for housing and real estate investment remains resilient.
As weather conditions improve and normal working rhythms resume after Ramadan, the sector is expected to gradually regain momentum, reinforcing its role as a key pillar of Morocco’s economic activity.
