Spain: Housing starts continue to fall
November 29, 2012
In September, the Spanish Board of Architects (Colegio de Arquitectos Tecnicos) granted 3,154 new construction permits, according to data published by the Ministry of Public Works (Ministerio de Fomento). The figure was up from the 2,647 permits approved in August. That said, on an annual basis permits declined 59.9%, a sharp deterioration over the 39.2% fall recorded in August. As a result of the monthly figure, the moving 3-month sum totalled 9,840 permits in September, which represents a 49.4% decline over the same period last year and also marks a new record low, indicating that the housing market remains depressed. At the current level, permits are only a fraction of the number given during the peak in the July-September period of 2006, when 268,266 permits were granted.