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German construction booms in first quarter of 2016

Xinhua, May 20, 2016 Adjust font size:

Construction of residential buildings in Germany boomed in the first quarter of 2016 as the number of new building permits hit the highest level in 12 years, official data showed on Friday.

In the first three months of 2016, construction of some 84,800 residential buildings were permitted in Germany, 30.6 percent more than in the same period of previous year, said German federal statistics office Destatis.

It was the highest level since 2004, according to Destatis. Among all the permitted residential buildings, 72,335 were new buildings, while 12,454 were existing ones.

An earlier report from Destatis showed that construction made a positive contribution to German economic growth in the first quarter thanks to the mild weather.

Analysts said an influx of refugees created fresh demand for residential buildings in Germany. Low interest rates also stimulated the demand as more Germans wanted to buy their own apartments and houses. Endit