Housing construction|The number of granted building permits continued to decrease in February–April, says Statistics Finland. Based on the permit statistics, Alho in residential construction in particular continues to be deep.
Building permits the decrease in the number continued in Finland in February–April, according to the data published by Statistics Finland on Tuesday.
In particular, Alho for residential construction continued to be deep in the spring, as the number of licensed cubic meters for residential buildings decreased by 29 percent from the corresponding time of the previous year. In total, building permits were issued for 3,824 apartments in the three-month period, which was 32 percent less than a year earlier.
The number of permits for residential construction has decreased significantly this year and last year. The current year’s permit statistics are compared to 2023, when 5,658 building permits were issued for residential buildings in February–April.
In the corresponding period in 2022, permits were granted for 11,499 apartments, in 2021 again for 13,755 apartments.
“The collapse of housing construction is becoming steeper than expected. If the pace of construction doesn’t pick up soon, new production threatens to fall to an unprecedentedly dark level,” Suomen Yrittäjie’s economist Roope Ohlsbom write in his comment.
For example, in April, new building permits were granted for only 1,158 apartments. In the entire 2000s, a lower reading was seen in April only last year, when 1,075 building permits were issued.
“The long-lasting decrease in the number of permits is also reflected in the small number of new apartments being completed for the housing market. Even if people were to immediately start shopping for apartments in droves, it would take time before it would be reflected in the readings of new construction. The inventory of unsold apartments has accumulated to such a large extent that there will be enough to melt for a long time,” writes Ohlsbom.
In all the number of building permits granted for new construction in terms of cubic meters decreased by five percent in February–April from a year ago.
According to Statistics Finland, the long-term decrease in the number of cubic meters of building permits granted is now reflected in the low numbers of completed construction projects.
A total of 5.6 million cubic meters of construction projects were completed in February–April, which was 41 percent less than a year earlier.
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