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Since 2013, labor productivity in the construction sector, measured as GVA per hour worked in real terms, has fallen by more than 20%. In comparison, the growth in the same indicator for all sectors is 5%.
At the end of 2023 we find opposite results in the Real Estate market. Construction presents historical results, growth rates well above the average in different indicators. The housing market is contracting with figures as of November 2023. In both cases, we estimate that in 2024 both sectors will reverse the trends
The housing sector is in a deceleration phase: low sales, high cancellations, and increased finished inventories. Certainty about VIS subsidies, reduced interest rates, and improved household financial balances will aid recovery, expected to be…
Presenting the construction supply and demand structure with a special section on urban design. In the supply section: GDP, employment, firms, and sector composition. In the demand section: logistics, housing, household composition, demographic…
Labor shortage is one of the factors limiting housing production. The available information indicates that workers employed in construction age faster than average and have less education. Attracting talent is essential to ensure generational r…
Several indicators show that construction is facing a labor shortage problem. Moreover, the average age of workers has increased significantly in recent years and their level of training is relatively low. The sector must react in order to face a generational replacement sooner rather than later.
Construction grows 10.5% in the second trimester of 2023, the impulse comes from Civil construction. Mortgage credit shows a contraction of 4.1% on number of mortgages and 8.6% on credit amount. The potential demand for affordable housings amounts to 3.2 million houses.
The housing market is waiting for a change of cycle that will allow for greater stability and predictability. Rental supply is at historic lows. In the short term, we do not expect construction to be very dynamic.
With growth of only 0.4% in 2022, the recovery of the Construction sector remains distant. The number of mortgage loans granted during 2022 is 8.9% lower than in 2021, while the amount fell 4.9% in real terms. There is a high concentration in m…
In the middle of 2022, the Construction sector continues to grow, 0.5% above that presented in the middle of 2021, driven by Civil Works, Building continues to contract. Bank mortgage credit in 2022 with discrete growth, has taken the lead. A h…
Today, as recession looms and inflation rears its head, we are likely to see a return to a somewhat gloomy housing market, even if house prices do not actually fall. But how hard will the adjustment be this time around?
After the COVID-19 crisis, construction rebounded and drove the economic recovery, but this dynamism was not replicated in the real estate market. The macroeconomic context makes access to housing more difficult. Due to the new demands, the office market faces new challenges.
