RT Report T1 Housing investment in Spain: has it been the main engine of growth? A1 Cosculluela Martínez, Carolina A1 Flores de Frutos, Rafael AB This paper studies dynamic responses of employment and GDP growth to a permanent, uni-tary shock in the housing capital stock for the Spanish economy. It quantifies the importance of this variable in the boom experienced by the Spanish economy during the pre-crisis years. Results confirm that building industry has been the most important engine for output and labour growth. PB Facultad de CC Económicas y Empresariales. Instituto Complutense de Análisis Económico YR 2010 FD 2010 LK https://hdl.handle.net/20.500.14352/48950 UL https://hdl.handle.net/20.500.14352/48950 LA spa NO CÓDIGOS JEL: C32, H54, C51, C53, E22 DS Docta Complutense RD 7 abr 2025