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Crisis 'threatens' 180,000 jobs in building sector

Latest update : 2008-10-09

With orders plunging in the French building industry as a direct result of the financial crisis, an estimated 180,000 jobs are under threat, according to building firm Nexity.

 

The global financial crisis is already having a direct impact on the French building industry.

 

Around 180,000 jobs in the sector are threatened as lending for new housing projects dries up.

 

In the last 12 months there has been a 15% increase in bankruptcies in the building trade.

 

Alain Dinin, managing director of building firm Nexity, told Le Monde newspaper a drop in orders in the last year could have a devastating effect on the industry.

 

He said: “This year there could be 90,000 fewer building projects than in 2007.

 

“When you consider that each project represents the employment of two building professionals, it means that up to 180,000 jobs are under threat.

 

“The knock-on effect of this is that the government could lose three billion euros in tax revenue.”

 

In the first nine months of 2008, Nexity registered just under 7,000 contracts for new-build projects and acquisitions of land to be built on – a drop of 28% on the same period last year.

 

The group has also announced that it is to lay off 150 workers, and that its profit forecast for 2008 has dropped from 200 million euros to 140 million.

Date created : 2008-10-09

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