Slowdown signs - Romanian construction industry may not revive until May of June
Saturday, 24 Oct 2009
Romanian Times reported that Romanian construction industry, which is in a severe decline, will not revive sooner than in May or June 2010.
Mr Claudiu Georgescu head of the Association of Construction Material Producers in Romania said that the main issues facing the construction industry were lack of capital for investment and a poorly qualified workforce.
He also criticized certain developers' high prices. He said that construction materials should comprise around 50% of the construction market but accounted for 35% to 40% of it in 2008 and 2009.
Mr Georgescu said that he expected the construction materials market to decline by 30% in 2009 and to stagnate in 2010, based on economic growth forecasts by the National Prognosis Commission and the International Monetary Fund.
