*  *  Introduction  Dear Professor Rocholl Ladies and gentlemen I am delighted to have the opportunity to speak to you today here at the ESMT. At the time, the decision to set up a private business school in an academic landscape dominated by public institutions met with a certain degree of scepticism.
While for developers credit remains quite difficult to access, it looks like we have seen a turning point in approvals for multi-unit construction. Housing prices have been rising quite smartly over the past year. Government spending is having an impact on demand, holding both residential and nonresidential construction at higher levels than would have resulted from private spending alone.