THE STATISTICAL Service of Cyprus (CYSTAT) has published the annual report “Construction and Housing Statistics, 2014”.
The annual report, which was first published in 1966, provides basic information on the structure and developments in the construction and housing sectors including information on output, investment, prices, new dwellings completed and authorised building permits.
The main developments in 2014 reported by CYSTAT were:
(a) The growth rate in the construction sector in real terms was negative in 2014 for the seventh year in a row, reflecting the deep recession in construction activity. The rate of growth in 2014 showed a decline of 11.6% (over 2013), following a decline of 23.0% in 2013. The sector’s contribution to the island’s Gross Domestic Product (GDP) fell to 3.6% in 2014 from 12.3% in 2008.
(b) The gross output of the construction sector at current market prices, dropped by 9.4% in to reach €1,716.1 million compared to €1,893.5 million in 2013.
(c) During 2014, the share of new construction in residential buildings is estimated at 42.2% of the total output and non-residential buildings at 23.7%, while civil engineering projects accounted for 34.1%.
(d) The number of persons employed full time in the sector fell from 20,242 in 2013 to 18,447 in 2014.
(e) The number of persons registered as unemployed decreased from 7,263 in 2013 to 6,510 in 2014.
(f) Labour costs fell by 5.3% following a fall of 8.5% in 2013.
(g) The number of new dwellings completed amounted to 2,718 units; a fall of 29.1% compared to the 3,833 completed in the previous year.
(h) The cost of construction per square metre (excluding the value of land) increased to €989.4 from €975.8 in 2013 for houses, while the cost of construction from apartments fell to €893.3 in 2014 from €900.1 the previous year.
(i) The dwelling stock at the end of 2014 rose 0.6% to reach 443,829 units compared to 441,251 the previous year, of which 61.0% were in the urban areas.