The Spanish building industry continues to implode unabated.
Planning approvals (visados) for new homes fell to 2,647 in August, the lowest level on record, according to figures from the Ministry of Public Works (Fomento).
Compared to August last year, planning approvals were down 39pc, whilst year to date they were down 41pc (and 94pc compared to the same period in 2006).
Meanwhile, at the other end of the pipeline, construction completions are following housing starts down the tubes. The consultancy DBK forecasts there will be just 130,000 completions this year, down from 660,000 in 2006.
Construction completions tend to lag planning approvals by about 2 years, so we can expect construction completions to continue falling by around 30pc for the next couple of years.