There was a definite mood of optimism at the Building Awards last Thursday. Lots of people had a real reason to celebrate, of course, but the mood change was caused by more than champagne. It was the evening after the G20 agreed a $1.1 trillion injection into the economy, and the confident smiles on the faces of Gordon Brown, Barack Obama and their friends had spread to the construction industry.rnNearly a week later, the economists have had time to analyse what it all means -and we have not woken to a glad, confident morning. For one thing, any idea that the economy is going to be brought back to life by a steady rain of dollars has faded, and much of the fiscal stimulus has been announced already. And if that weren't sobering enough, the Construction Products Association (CPA) and Experian published forecasts that are as bleak as could be (page 12). Output is to fall 12% this year, according to the CPA; there will be a further fall in 2010 andrnno significant growth until 2012. We are, they say, in a U not a V-shaped recession.
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