However, the developers and property market experts claim that this impression is misleading as these facilities only come into focus due to a decline in residential construction.
“The number of building permits issued is very small but we have some new industrial facility projects this year, which is improving the moods on the market. The year 2011 and the first quarter of this year proved that the bottom had been hit already. There is a foundation, which we could start building on,” Adakras Šeštakauskas, president of the Lithuanian Builders’ Association, told the daily.
Prominent global experts point out that the building sector in the emerging countries or the countries recovering from the crisis usually grows at a rate twice or thrice exceeding the GDP growth rate, he said.
“Hence it is possible to project that the annual volume of construction works in Lithuania should reach the level of approximately 9 billion litas (EUR 2.6 b) by at least 2015 if it grows by 7-10 percent each year,” Šeštakauskas said.
2012-05-23 11:52
Lithuania’s construction industry getting out of doldrums
The largest number of building permits granted in the first quarter of this year was issued for the construction of manufacturing and industrial facilities, the Lietuvos Žinios daily reports.
Lithuanian construction industry is recovering. / S.Vaišvilaitės nuotr.
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