Cement deliveries, a key proxy for construction activity, fell 18.8 percent in January 2026 after rising 13.8 percent a year earlier, Morocco’s Directorate of Financial Studies and Forecasts said.
The DEPF attributed the decline to unusually heavy rainfall that slowed work on building sites during the month. Most delivery segments posted declines, including distribution down 24.5 percent, ready mix concrete down 11.5 percent, prefabricated products down 14.2 percent, infrastructure down 13.2 percent and building works down 7.2 percent, according to the DEPF’s latest economic outlook note.
Mortars were the exception, rising 21.4 percent over the same period, the DEPF said.
Separately, financing for real estate operations ended 2025 on a stronger trend. Outstanding property credit grew 3.4 percent, the best performance recorded over the past five years, reaching around 321.5 billion dirhams, the DEPF said.
The increase reflected a 3.3 percent rise in outstanding housing loans, compared with 1.7 percent a year earlier, and a 5.3 percent rise in loans to property developers, following 5.7 percent growth the previous year.
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