Brian Green on...

摘要

The construction industry is partying like it was 1999. Sounds like fun, but sadly it means all the growth achieved this century has been wiped out. And while we metaphorically vomit into the punch bowl, here's a thought to sober us up: if it wasn't for rich foreign and indeed rich British investors pumping cash into the London residential property, the construction industry would probably be closing in on a drop of nearer to a quarter from peak instead of the 19% drop it has taken to date. Looking at the picture in wide angle the latest output data out earlier this month shows construction continues on a downward path. And indeed on a quarterly measure the industry is doing about the same amount of work as it was in the first quarter of 1999.