The statistics from the developer market surprise in a positive way. In May 2010 the production of basic wall materials (hollow bricks, concrete blocks, etc.) was more or less the same as in March 2008, that is before the recession. The increased production signals that housing, after a very weak second half of 2008 and 2009 has finally spread its wings. Indeed, the data show that the number of the newly initiated projects in housing in late spring 2010 has been the highest for 2,5 years.
For stone industry it may mean an increased demand for dimension stone products this winter and in the first half of 2011.
There are a few factors that contributed to the recovery. According to the analysis conducted by PMR Publications, in two previous years developer companies managed to survive the crisis due to the reduction of their running costs. At the end of 2009 the situation on the construction market started to be going back to normal: developers owned large investment areas a few years ago and now they start or they are planning to start their housing investments. The situation on the mortgage market has also improved. The banks promise to reduce the credit margin and to go back to financing of up to 100% and more of the property value.
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