Planning approvals to build new homes rose by two per cent last year, the first rise since 2006, according to data from the Government (Fomento).

There were 34,873 residential planning approvals last year, an annualised increase of two per cent, but a decrease of 96 per cent compared to 2006.

Put another way, Spanish home building activity is now just four per cent of what it was in the Euphoric year of 2006, when there were 865,561 planning approvals. The industry has been almost wiped out.

But things are picking up, albeit from a very low base. The monthly year-to-date figure turned positive in July last year for almost the first time since the crash began, and it looks like home building is starting to grow again, as illustrated by the next chart.