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Boring but important: Housing starts down 22pc in Q1

The pipeline of new homes being built in Spain continues to dry up, as does the flow of newly completed homes. The collapse in residential construction since the market went into recession has been dramatic.

Excluding social housing, there were 17,876 new homes started in the first three months of the year, down 21.7% on same period last year, according to latest figures from the Ministry of Housing.

On a quarterly basis, housing starts were down 11% compared to the last quarter of 2009.

Looking at the other end of the pipeline, 63,344 new homes were finished in Q1, 38.5% less than same period last year, and 14% down on the previous quarter.

Over 12 months, 75,278 homes were started, 58% down on the previous 12 months, and 316,924 homes finished, 37% down.

61% of housing starts were located in just 4 regions: Catalonia (5,908), Andalucia (2,541), Castilla-La Mancha (1,368), and the Canaries (1,072).

56% of completions were located in just 5 of Spain’s 17 regions: Andalucia, the Valencian Community, Castilla-La Mancha, Catalonia, and Galicia.

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