Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

Central African Republic : stability still a struggle ahead of 2015 elections

Read more

MEDIAWATCH

Armed clowns terrify the north of France

Read more

DEBATE

Oscar Pistorius sentenced : Does the punishment fit the crime? (Part 1)

Read more

MEDIAWATCH

Provocative sculpture "unplugged"

Read more

THE OBSERVERS

'Flying coffins' in Ivory Coast and a rich Maltese couple rescuing migrants

Read more

FOCUS

London now the world's most expensive city

Read more

WEB NEWS

USA: Ebola Halloween costumes spark outrage online

Read more

IN THE PAPERS

Jokowi: 'A new hope' for Indonesia

Read more

IN THE PAPERS

Christophe de Margerie, a jovial and strategic boss

Read more

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

COMMENT(S)