Turkish construction industry grows 11.2% in 2011

Turkish construction sector grew 11.2 percent in 2011 and Turkish building contractors' projects abroad were worth 206 billion USD. The year-end chart for 2011 shows that projects undertaken abroad was 6500. According to 'Construction Industry Analysis' by the Turkish Contractors' Association (TMB), Turkish construction industry grew 15.3 percent in the first quarter of 2011, dropped in the following quarters of the year and went down to 7 percent in the last quarter. In total, the construction industry's annual growth was 11.2 percent. The report foresees that the growth in the construction industry would slow down significantly in 2012, warning the industry associates. According to the report, area of buildings which took construction licences dropped 30.8 percent, on the other hand area of buildings which took occupancy permit increased 23.4 percent last year. The number of buildings dropped 29 percent, number of flats dropped 21.7 percent in 2011.  According to the construction licences, area of buildings was 123,639,732 square meters and according to the occupancy permit, area of buildings was 105,402,979 square meters. In 2011, building construction costs went up 12.41 percent compared to 2010. New projects that Turkish contractors undertook in 2011 were worth of 19.3 billion USD. In the end of the year, there were 6500 projects abroad worth of 206 billion USD. 44.2 percent of those projects that Turkish contractors undertook abroad was in Eurasia, 24.5 percent in Middle East and 19.73 percent in Africa.  (Reporting by Tamer Toganas)