Spain: Housing starts reach new lows
October 31, 2012
In August, the Spanish Board of Architects (Colegio de Arquitectos Tecnicos) granted 2,647 new construction permits, according to data published by the Ministry of Public Works (Ministerio de Fomento). The figure was down from the 4,039 permits approved in July and marked, in fact, a new record low. On an annual basis, permits declined 39.2%, a small improvement over the 44.2% fall recorded in July. As a result of the monthly figure, the moving 3-month sum totalled 10,188 permits in August, 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.