Because the construction sector – accounts for almost twenty percent of industrial value added in the euro area, – is highly input-intensive (characterized by considerable advance inputs) and in one also – is relatively strongly susceptible to cyclical trends, the sector is continuously monitored by the ECB under the two-pillar principle according to various aspects – such as new orders, production, investment and employment. – Cf. shares, cyclical, construction completion credit commitment, construction progress credit, construction investment, construction price index, building societies, real estate prices, real estate credit restriction, vacancy rate, rental yield, estimate, kept low, value, cyclical, cement gold, interest rate freeze. – Cf. for Germany, new orders, broken down by sector, in the statistical section of the Deutsche Bundesbank’s respective Monthly Report, heading “Economic situation”; for the euro area, in the annex “Euro area statistics,” heading “Prices, output, demand and labor markets” in the ECB’s respective Monthly Bulletin, ECB Monthly Bulletin, September 2005, pp. 60 et seq. (importance of the construction sector for the euro area economy), ECB Monthly Bulletin of February 2007, pp. 49 et seq. (developments in the construction sector since 1992 with overviews), ECB Monthly Bulletin of March 2008, pp. 82 et seq. (employment in the construction sector; overviews; comparisons), ECB Monthly Bulletin of May 2009, pp. 66 et seq. (Construction industry during the financial crisis; financing problems; overviews), Bundesbank Monthly Report of November 2009, p. 55 (Production in the main construction sector 2004 to 2009), Bundesbank Monthly Report of June 2010, pp. 49 et seq. (Cycles in the housing market; overviews; references), Financial Stability Report 2012, pp. 55 et seq. (analysis of the residential real estate market), ECB Monthly Report of May 2013, pp. 59 et seq. (development of residential property prices in the euro area since 2000), Deutsche Bundesbank Monthly Report of October 2013, pp. 13 et seq. (residential real estate market in Germany; many overviews).
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