The construction sector has endured a terrible recession, with double-digit declines in output and employment. In theory, there is scope for a sharp comeback. But given the squeeze on credit and public sector building and the possibility of a shift in attitudes away from viewing houses as a source of ever-rising wealth, construction will struggle to provide much support to economic recovery.
In view of the wider interest, we are also sending this UK Economics Focus to clients of our UK Commercial Property and UK Housing services. If you would like to know more about our UK service, please contact Michael Wilson in North America (+1 416 413 0428, michael.wilson@capitaleconomics.com), James Hayes in Europe (+44 (0)20 7808 4981, james.hayes@capitaleconomics.com) or Tony Goldberg in Asia (+65 6595 5190, tony.goldberg@capitaleconomics.com).
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