Spending cuts hit construction sector
THE impact of government spending cuts and concerns over access to finance, saw sentiment in the construction industry turn increasingly negative during the third quarter of 2010, says the latest RICS Construction Market survey.
More than half of chartered surveyors reported there had been no movement in construction workloads during Q3 2010. Of those who did see an adjustment, it was downwards. Insufficient funding for new developments and continued concerns over the economy were among the factors cited as affecting construction projects.
RICS chief economist Simon Rubinsohn says the collapse in public funding will have a major impact on the sector.