Housing: BBVA Notes “Significant” Recovery In Construction

2 November 2015 – El Economista

BBVA Research, the financial institution’s research service, says that the evolution of the number of new building permits granted for residential use shows a significant recovery in construction activity. That was the bank’s conclusion following its analysis of the latest data published by the Ministry of Development regarding new building permits, which increased by 27.9% between January and August, compared with the same period in 2014.

BBVA says that although it is virtually certain that 2015 will end with a recovery in the number of building permits granted for the construction of new homes, data from the labour market reflect an easing of new workers in the construction sector.

Specifically, it notes that whilst the second quarter closed with a 1.2% increase in the number of new workers, that figure remained stable in Q3. For this reason, it considers that the rate of growth of building permits may ease off during the latter part of the year.

Original story: El Economista

Translation: Carmel Drake

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