No respite from the worst recession on record

Despite all the talk of “green shoots” over the last few months, it was apparent that this recession was going to be harsh from the offset and our forecasts for the industry over past year have suggested this. Today sees the release of our latest forecasts and it makes for grim reading (unsurprisingly).

The first quarter of 2009 saw the sharpest falls in GDP and construction output on record. Overall, construction output is expected to fall 16% in 2009 with further falls in private housing and industrial, the first sectors to be hit by the recession, joined by the commercial sector.

This article continues at Noble Francis' blog