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Friday, March 14, 2008

German Construction Permits 2007

According to data from the Federal Statistical Office, a total of 182,300 building permits for housing units were issues in Germany from during 2007. Compared to 2006 this represents a decrease of 26.3% or 65,200 housing units.

If we look at the monthly chart for permits issued we can see that the depth of the recession in construction activity (as measured by permits issued) was during the first months of 2007. Since that time the situation has gradually deteriorated less rapidly. It should be noted though that the number of permits was still down year on year in December (by 6.1%) so the industry is still contracting.

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