Property investment from the private sector is needed to combat the negative effect of public sector spending cuts, it is claimed.
Things are seemingly going from bad to worse for the construction industry, which will have a knock-on effect for
commercial development projects.
The Royal Institution of Chartered Surveyors (Rics) reports that the second quarter of the year saw seven per cent more surveyors witness falling rather than rising workloads.
Rics says this is a turnaround from the previous three-month period, where conditions for construction firms seemed to be improving.
Reacting to the figures, the director of external affairs for the Federation of Master Builders Brian Berry said this news was to be expected, in light of public sector cuts.
"We have got to try and persuade the government that the construction industry is essential in terms of getting the British economy back on its feet because of the amount of people that it employs and its contribution to GDP," he said.
However, it would appear that
property investment firms from the private sector will have to fill the void left by public spending cuts.
Posted by Hadji Singh
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