There were 14,661 housing building starts in the fourth quarter of 2022, compared with 15,024 building starts in the third quarter, and down 23% from 18,959 building starts in the fourth quarter of 2021, the Central Bureau of Statistics reports.
2022 saw 67,070 building starts, although there were only 63,660 building starts overall because 3,400 homes were demolished in urban renewal programs. Last year's building starts figure was slightly higher than the 2021 figure of 63,600 building starts. In the first quarter there were 19,628 building starts, which gave hope that the government could reach its ambitious target of 80,000 building starts in 2022.
But the reality of rising interest rates had the final say an ultimately Israel did not even reach 70,000 building starts in 2022. Tel Aviv had the biggest number of building starts in 2022 with 4,659, followed by Jerusalem (4,456), Bat Yam (3,158), Beit Shemesh (2,659), Rishon Lezion (2,552), Ashkelon (2,446), Netanya (2,413), Petah Tikva (2,079), Beersheva (2,035), and Ramat Gan (1,634) rounding out the top ten.
Published by Globes, Israel business news - en.globes.co.il - on March 20, 2023.
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