Just how scary is 2010 going to be, we ask on the cover. Well, put it this way: if you want to feel uplifted in the next 12 months your best bet is probably to watch Toy Story III. The economy may start to recover, but few expect 2010 to be any easier for construction than 2009, when output is estimated to have fallen more than 10%.rnThe likeliest victims are smaller firms and housebuilders. The former tend not to have framework agreements and so are struggling with cash flow. The latter, like Crosby and Gladedale Homes, whose latest results are not for the squeamish (page 13), tend to focus on specific regions and therefore can't spread their risk. And although the likes of Taylor Wimpey and Barratt managed to refinance last year, they are doing no more than dipping a toe in the market now. There are indications that demand is picking up (page 34), but there could be a double-dip in housing yet. And even if demand doesn't fall, starts may be hit by Conservative plans to shake up the planning system, which is the last thing the industry needs.
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