In the first six months of 2024, construction in the Canary Islands surged by 34.7%, while Spain as a whole experienced an 8.23% increase in the surface area approved for new building projects and renovations compared to the same period in 2023.
This marks the best construction data for Spain since 2019, the year before the Covid-19 pandemic hit, with a 7% growth since that time.
The upturn in construction is closely linked to favourable economic conditions. Lower energy prices, a cooling of inflation, adjusted interest rates, and fiscal policies encouraging domestic consumption have all contributed to the sector’s positive momentum, according to the Spanish Council of Architects (CSCAE).
In the renovation sector, 30,080 homes were approved, representing a 51% rise compared to 2023 and an impressive 149% jump from the first half of 2019. New construction also saw a significant boost, with 62,180 units authorised, a 22.47% increase, or 11,409 more homes than in 2019.
While most regions saw growth in the construction sector, a few experienced a decline in approved construction areas. Notably, Aragón saw a drop of 20.7%, followed by La Rioja (-18%), Castilla-La Mancha (-10.4%), the Balearic Islands (-8.4%), and Asturias (-8%). Smaller declines were also recorded in Castilla y León (-1.9%), Cantabria (-0.9%), and Madrid (-0.5%).
Regions with the highest growth in construction approvals included Navarra (+62.7%), Extremadura (+40.1%), Galicia (+36.4%), the Canary Islands (+34.7%), and Murcia (+26.4%). Other notable increases were observed in the Valencian Community (+22.3%), Catalonia (+16.7%), Andalusia (+9.6%), and the Basque Country (+4%).
Marta Vall-llossera Ferran, president of the CSCAE, emphasised the critical role stability and public support play in allowing the architecture and construction sectors to meet society's demands, particularly in addressing challenges like climate change and ensuring access to affordable housing.
"The trends in the first half of 2024 underline the importance of maintaining a stable and secure environment with public support, so the architecture and construction sectors can rise to strategic challenges such as climate change and the need for dignified and affordable housing," she stated.
