Tuesday, Dec 16, 2008
6,400 building firms to fail by middle of next year
Guardian: Housing starts lowest since 1924 as construction bears brunt of recession
A report out today from the Construction Products Association (CPA) and Ernst & Young reveals there have been just 135,000 housing starts this year, compared to 203,500 in 2007. This figure, excluding the second world war when few houses were built, is the lowest since 1924, when there were 87,000 housing starts during a period of severe deflation. Many projects date from before the worst of the financial crisis hit and there are fears that homebuilding will grind to a virtual standstill in the new year - leading to tens of thousands of job losses in the building trades. Commercial property is also being hit hard, with the CPA expecting falls in office construction alone of 24% next year and 19% in 2010.
Posted by drewster @ 02:11 AM (263 views) Add Comment
2 Comments
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1. greytornado said...
The upside is that it is now difficult to see how Brown and his bunch of Labour Losers can now concrete over the South of England. There was a big project (Pennyfeathers) in my part of the world, which was a huge scheme to extend the town out into a rural area, (green fields), building hundreds of houses and associated roads etc. I can't now see it happening at all in the foreseeable future or for many years if at all.
2. crash bandicoot said...
But we're a small island, but what about the divorcees, but there are loads of Polish plumbers moving here.
Oh dear, I nearly fell for that tosh. In fact as the property pimps told us it is a matter of supply and demand. It's just that they didn't know the difference between demand and desire.