The global construction market had been booming in 2007 and through midyear 2008, and large international contractors and design firms reaped the benefits. The demand for big-ticket projects, from petroleum production facilities and powerplants to major infra- structure upgrades and signature buildings, made the demand intense for world-class contractors with the size and expertise to deliver these projects. As a result, big firms around the world were scrambling to grow, either organically or through acquisition, to meet this demand. For many firms, this booming market has come to a screeching halt. The faltering U.S. stock market and failure of many major financial institutions has caused a tightening of credit that is jeopardizing projects on a broad scale.
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