Planning approvals were up an annualised 7% in September, and 32% year to date, but new home building is still at crisis levels when you take the long view.
There were 7,378 planning approvals in September, up 7% in a year, show the latest figures from the Government (Fomento).
Planning approvals to build new homes have been growing since the start of 2015, and jumped nearly 100% year-on-year in December 2015, which is good news for Spain as new home building creates jobs and contributes to economic growth.
The chart below shows how planning approvals have gone from steep declines in 2012 to growth in 2015 & 2016, and the Spanish press is reporting how this year is the best year in the last five for the home building industry, which is true.
It also appears that new homes being built today, though small in number, are generally better quality than those built in the past, especially compared to those built in the boom years. Building standards, materials, and technology have all improved.