Cyprus Mail
Cyprus

January building permits drop 14% in volume

Most deaths and injuries happen in construction

Construction projects which obtained a building permit in January dropped an annual 14 per cent in terms of construction volume and 3.3 per cent in terms of area to 69,327 square meters and €73m respectively, as an increase in housing was unable to offset a slump in commercial projects, the statistical service said.

The area and value of housing projects for which local authorities issued a building permit rose in January 8.7 per cent and 8 per cent to 57,982 square metres and €53.2m respectively, Cystat said on its website on Wednesday. The new permits provide for the construction of 243 new housing units compared to 204 a year before.

Non-housing projects that obtained a building permit dropped 61 per cent and 51 per cent in terms of construction volume and value to 10,357 square metres and €10.5m respectively in January compared to the same month of 2015, Cystat added.

Building permits are considered an important leading indicator for future economic activity.

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