ANKARA
Turnover in the construction industry increased by 0.9 percent in the first quarter of 2015, from the previous quarter, the Turkish Statistical Institute said in a statement on Monday.
The Turnover Index in Construction increased by 0.6 percent year-on-year, and increased 4.6 percent in 2014 compared with the previous year. Turnover in construction refers to all income-producing transactions.
Production in the construction industry was up 3 percent in 2014 compared with the previous year, the statement said.
But production in construction decreased 0.7 percent compared with the previous quarter, and fell 0.8 percent year-on-year, according to the statement.
Demand for new buildings continues to rise in Turkey; as building permits demand was up 24.3 percent in 2014.
Turkey boasts the second-largest number of construction companies in the world, and they contribute 6.6 pecent of GDP, according to TurkStat statistics.
The construction sector contributed 6.6 percent of Turkish GDP, and raised $2.5 billion in foreign direct investment from 2003 to 2014, according to a report on the Turkish sector from Deloitte published in November 2014.
"The construction sector is riding high on the back of major projects, and demand for housing by a young population," the Deloitte report said.
"Demand is expected to continue strong; demographic changes, increase in the disposable incomes per capita and financing opportunities combined with the need for renewal of risky buildings will drive the demand for new housing," Deloitte said.
