The construction boom that has defined Skopje's skyline for years - cranes on every corner, holes in the ground, dust - appears to be slowing. In April, 38 percent fewer building permits were issued than in the same month last year, data from the State Statistical Office show.

The figures are concrete: 291 permits, against far more a year ago. The projected value of these projects fell to around 4.58 billion denars, or 74.4 million euros - a drop of fully 41.8 percent year-on-year. The issued permits will produce 722 new housing units, most in the Skopje region (261).

The breakdown says something about who's building, too. High-rise construction still dominates with 208 permits, while reconstructions fell the most. Individual investors filed two-thirds of the projects, but business entities, though fewer in number, account for more than half of the total value.

What does this mean for the ordinary citizen? It depends where you're standing. For the person drowning in dust and noise from a site under their window, the slowdown is a relief. For the one waiting on a home at an affordable price, less construction usually means higher prices - smaller supply, the same or greater demand. And for the economy as a whole, construction is one of those engines that, when it slows, is felt across the whole chain - from workers to building-material shops.

The number on its own is neither good nor bad - it's a signal. The question is whether the slowdown is a healthy cooling of an overheated market, or the first sign that the money that used to flow into concrete is starting to look for another way out.