This constitutes a reversal of the trend in 1998 when residential licensing grew slightly. In the case of business construction licensing, it constitutes a reduction in the rate of growth as compared to last year. Given the weight of construction in overall investment activity, the evidence suggests an overall downward trend in planned investment in the near future, despite over two years of general economic recovery. This may reflect a relative surplus of housing after several years of relatively rapid expansion. On the positive side, there is evidence of substantial near-term growth in business construction activity.
Data exclude the retroactive licensing of already existing buildings or parts of existing buildings.