These figures compare with 2013 decreases in the number of licences issued and the number of projects completed of 22.7% and 11% respectively in 2013.


The institute also provided a broader perspective with the construction sector seeing around 35,500 licences issued in 2005 with the 2014 figure thus corresponding to a fall of practically 70% and matched by the numbers of buildings completed in these two years.


Not only did this decade experience the worst of the slowdown, Friday’s figures do not do much to boost growth expectations with the final quarter of 2014 seeing a clear downturn in activity in the sector with annualised falls of 4.2% in terms of licences issued (3,800) and a 35.7% fall in buildings completed (3,200).


The licenses issued did rise in quarterly terms by 0.7%, following a 5.8% contraction in the third quarter whilst completed buildings fell back by 5.4% and compounding the 8.6% drop registered in the third quarter.


Of the total number of licences issued in the final quarter of last year, 58.4% correspond to new constructions of which 62.1% were designed as household residences.