World Economy

Spain Builds Again

Spain Builds AgainSpain Builds Again

When Spain’s property bubble burst in 2008, the country was plunged into an economic crisis that threw millions of people out of work. Now after six hard years, and even though hundreds of thousands of properties stand empty, building has restarted in the country, AFP reported. The decade before the crash saw an all-out building frenzy in the eurozone’s fourth-largest economy. Around 700,000 houses were built each year during the 2000s until the bubble burst, more than in Britain, France and Germany combined. At the same time municipal and local governments, flush with cash in part from the sale of building licenses, undertook massive infrastructure projects.