Area For Colombia Construction Permits Down 17% In Feb On Year

Area For Colombia Construction Permits Down 17% In Feb On Year

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BOGOTA -(Dow Jones)- Colombian authorities in February approved permits for construction on 17% less land than in the same month of 2007 as the area covered by housing permits declined, according to government figures.

Permits covering 1.36 million square meters of land were issued in February, the National Statistics Department, or DANE, said Thursday. The area covered for housing permits fell 26% to 969,472 square meters.

The construction sector grew 13.3% last year, slightly lower than the 14.8% expansion registered in 2006.

"Construction of houses and buildings are declining. However, we keep track of the 12-month trailing figures because it's the reading with less volatility," said Camilo Perez, head of research at the country's second largest bank, Banco de Bogota.

Construction licenses issued in the 12 months to February covered 19.11 million square meters, 14% more than in the 12-month period through February 2007.

In the first two months of the year, construction licenses fell 4.6% to 2.87 million square meters from the same period in 2007.

-By Diana Delgado, Dow Jones Newswires; 571-6001980; Diana.delgado at dowjones.com

(END) Dow Jones Newswires
04-24-081131ET
Copyright (c) 2008 Dow Jones & Company, Inc.

By sloopskipper on Apr 24, 2008, 10:17 in Friendly Talkzone.