Projects down 59% in 2008

The number of new housing projects given approval has showed a steep decline on Mallorca in 2008. Just under 4,000 permits were granted for housing units on the island, a figure that is 59% lower that the previous year, when almost 10,000 permits were granted. Economists worry that the knock on effect on employment in the construction sector will be serious, with little chance of recovery until the end of 2009.