Construction Growth Is Strongest in Spain

We’ve heard the reports, and many of us have seen the evidence with our own eyes. The construction sector has revved up the engine and is in gear once more.

Cranes are silhouetted against the skyline and new buildings are springing up all over the place. Even unemployment has been reduced in this sector of the economy, and experts have predicted that it won’t be long before the construction sector begins to contribute positively to the country’s economy again.

According to statistics from Eurostat, production registered an annual rise of 22% in August this year in Spain in comparison to figures from 2013 in the same month.

Not only this, but Spain also recorded the biggest increase in production within the construction sector in the whole of Europe, making it the fastest-growing in Europe.

In fact, as a whole, production within the EU fell by 0.8% and by 0.3% in the euro zone for that month.

Breaking down the figures, in the EU-28 the construction of buildings increased by 0.4%, but civil work, such as bridges, roads and tunnels was reduced by 5.4%.

For the euro zone, building work rose by 0.9%, but civil work fell by 5.2%.

With regards to figures from the previous month, building work increased 2.7% from July in Spain; by 1.5% in the euro zone; and 0.5% in the EU-28.

Since May 2013, statistics have also revealed that Spain’s construction industry has recorded a massive 42.4% growth, which Eurostat say is greater than figures for the whole of Europe put together.

With figures such as these coupled with an increase in property purchases and demand, the future does appear to look bright for the Spanish real-estate and construction sector once again.

Source: www.expansion.com