The construction industry in 2005: the residential building sector continues to prosper
As in 2004, the construction industry owes its continued good performance to housing. Whilst 2004 saw an exceptionally high number of housing starts, 410,000 new dwellings went into construction during 2005, the highest number in 25 years. Other sectors of the construction industry progressed more slowly. The non-residential new-build sector grew slightly, by + 0.4% in volume. The dynamism of private building development was offset by the decline in public development, which had reached record levels in 2004. The maintenance and improvement work sector grew by 1.5%, as in the previous year, supported by continued reduced-rate VAT and improved access to credit. The construction industry created salaried jobs for the ninth consecutive year (49,000).