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Financial News: German Dwelling Completions Highest Since 2004

German Dwelling Completions Highest Since 2004

05/23/2017 - 06:17:00 (RTTNews)

(RTTNews) - Dwelling construction in Germany rose for a seventh year running in 2016 and was the highest in 12 years, data from Destatis showed Tuesday.

The number of dwellings completed increased 12.1 percent or by 30,000 to 277,691. This was the highest figure since 2004, when completions totaled 278,008.

The positive development that started in 2011 thus continued, the Destatis said.

The number of dwelling approvals grew 19.8 percent to 375,400, significantly exceeding completions.

Consequently, the construction surplus continued its rising trend since 2008, climbing to 605,800, which was the highest figure since 1999, the agency said.

Residential dwelling completions increased 8.7 percent in 2016, behind which there was a 59.3 percent or 5,300 apartments jump in dormitories, largely driven by the need for refugee accommodation.

Non-residential dwelling completions grew 32.5 percent, mainly attributable to increased construction by public builders.

Dwelling completions by construction work on existing buildings grew markedly by 36 percent.

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