The ailing fortunes of the UK construction industry took another turn for the worse after industry figures showed a record slump in output during 2009.
Research carried out by the Construction Products Association (CPA) found that only 72,000 houses will be built this year, illustrating a 20% drop from last year and the lowest figure since 1924.
The association said that the sector must weather the storm for at least another three years before seeing a “significant increase” in output returning in 2012.
Even then, output will only have returned to levels seen over ten years ago resulting in what some are calling the industry’s “lost decade”.
Michael Ankers, chief executive of the CPA said that the sector would be in “even worse” trouble if it were not for public spending programmes but warned the sector of difficult times come the general election when public spending will inevitably be cut in a bid to repair public finances.
