According to the December Sector Economy Report issued by the Construction Material Industrialist Association (İMSAD), the private sector's construction expenses grew by 3.8 percent in the third quarter of 2014 and the construction sector grew by 1 percent. Growth in construction, which was about 7 percent last year, has slowed in 2014. While growth in the first quarter was 5.1 percent, it was 2.8 percent in the second quarter and 2.9 percent in the first nine months. Newly contracted construction work increased by 1.5 percent in December and real estate sales by were up 1.1 percent in November.