Construction sector facing three-year decline

摘要

Construction output is expected to decline by 7% during the next three years, before a return to growth in 2011 at the earliest, according to the latest industry forecasts from the Construction Products Association (CPA).Yet, despite this recovery, housing starts in 2012 are expected to remain below their 2007 levels. So far the economic slowdown and volatility in the financial markets has had the greatest impact on the private housing market, which during both this year and next will see the fewest number of housing starts for 60 years. However, the CPA says this turmoil is now undermining other parts of the industry. This year has seen a dramatic fall in the construction of industrial buildings and the future prospects for commercial development are also looking exceedingly poor.