Synopsis

摘要

After a period of unprecedented growth in construction output - nearly 32% between 1994 and 2007 - the last 12 months have seen a significant reversal in the industry's prospects as a result of the credit crunch and the resulting turmoil in the financial markets. Private housing was the first, and so far the most severely, affected and has been quickly followed by a sharp fall in the construction of industrial buildings. Although the momentum in the commercial sector has been maintained as a number of long term investments are completed, it is already clear that the prospects going forward are rapidly diminishing.