» Construction industry suffers further

Article Published: 6th January 2009

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The construction industry has seen an almost total lack of house building activity and has suffered the worst period in at least 12 years. The latest CIPS/Markit purchasing managers’ survey of the construction sector has revealed an almost totally collapsed industry struggling with lack of work due to the economic downturn that has affected the construction industry from the start.

A CIPS survery which will be released today shows that conditions are deteriorating at an alarming rate still.

The industry will be looking to the Bank of England further reducing the interest rate when it sits this Thursday. Fifty nine out of 61 City economists polled during the latter end of December by Reuters said they believed that a further cut in interest rates is imminent. The majority of those polled are betting on the rate being cut by 1.5 %, the others are equally convinced that it will fall by 1 per cent.

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