Abstract: This Paper looks at the importance of construction in Spain, which accounts for 11% of the country's employment and its GVA (gross value added) is 10% of GDP (gross domestic product), also relate these figures to the values that Europe EU-27 offers and with the four most powerful economies of Europe. It also reflects that the Spanish construction companies are an important reference in the world. We compare the main indicators of the Spanish construction in 2007, when economic activity in this sector was frantic, with values of 2010, three years after the onset of the global financial crisis which started in USA. The obtained results allow to quantify the extent of the problem of the construction sector in Spain: Employment generated, production and other indicators show that the activity of this sector has fallen to levels of the second half of the 90' of the past century; or, a decline of 12 to 15 years. Also add that the deterioration has not stopped and the analyzed variables have dropped even more in 2011. Then it analyzes the different areas of Spanish construction activity and, in light of their developments and its comparison with the European situation, the logical behaviour is predicted for the near future: Specifically, it appears that residential construction, which has built homes at a big rhytem during the last decade, should follow a similar production rate than the average of Western Europe and how the field of rehabilitation and maintenance of buildings will increase its role in the coming years, in line with that has happened in most developed countries of the EU. It collects also appropriate strategies that have adopted the large Spanish construction companies to limit the risks of relying solely on a specific market economy: Internationalization and diversification of their activities, especially in the area of construction and operation of concessions in infrastructures of transports.

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