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• The households’ planning for buying or building a home over the next 12 months is an important defining factor in building activity.
• Another important defining factor is the current level of orders, as it is perceived by constructors.• The macroeconomic environment, as it is defined by the real GDP growth rate and the monthly Euribor cannot explain the fluctuations in building activity.
• Insufficient demand, financial constraints and shortage of labor force have an isolated effect on building activity. This relationship is overshadowed by the current level of orders and households’ planning.