Halifax Real Estate | The Effect Of The Recession On The Construction Industry
A recession is a decline in general business activity. For the duration of a nationwide recession, a country experiences a slump in buying, selling, and production, and an increase in unemployment. A recession may also affect a particular industry or region. Traditionally, national recessions have also meant the end of relentless inflation or possibly even a fall in prices. An economic depression hurts an innumerable amount of people, particularly the employees who lose their jobs.
The recent recession has affected all areas of the UK?s national economy. In December 2008, the construction sector diminished at its highest rate since records began. The biggest decline was recorded in house building, with the civil engineering and commercial sub-sectors also falling at record levels during that particular month. This meant that the Bank of England had to cut interest rates to reduce borrowing costs to the lowest level in its 314-year history.
Along with the decline in housing construction, the housing market has also experienced a slump. According to the Halifax bank, house prices fell by 16.2% in 2008, the biggest yearly decline since it first started keeping records in 1983. The benefit of this has meant that buying a home has become more affordable. However, obtaining a mortgage has become more difficult for a lot of people. The Bank of England confirmed that the number of approved mortgages fell to a nine-year low of 27,000 in November 2008.
Simply put, the last few years of economic recession has had a huge affect on the construction industry, more than many other industries. To simplify the business jargon, the construction industry has seen a reduction in the demand for new constructions. House prices have fallen because of the same reason; that being diminished demand, leading to property owners having to cut their asking prices to entice buyers.
For the reasons stated above, it is imperative that in the current financial environment, businesses in every industry continue to be competitive; though it is also important for businesses to be prepared, in every sense, for the forthcoming upturn that is inevitable in order to take full advantage of the situation.
To put everything into perspective, the fact that the sustainability of the construction industry is at risk in times of recession is no secret; and there will always be continuing employment, or more specifically, unemployment problems, as is the nature of the construction industry. The only way to help overcome these problems will be to expand. Having more assets and financial resources means that a business has more economic sustainability when fiscal downturns ensue.
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ByMark Thomas Walters
A recession is a decline in general business activity. For the duration of a nationwide recession, a country experiences a slump in buying, selling, and production, and an increase in unemployment. A recession may also affect a particular industry or region. Traditionally, national recessions have also meant the end of relentless inflation or possibly even a fall in prices. An economic depression hurts an innumerable amount of people, particularly the employees who lose their jobs.
The recent recession has affected all areas of the UK?s national economy. In December 2008, the construction sector diminished at its highest rate since records began. The biggest decline was recorded in house building, with the civil engineering and commercial sub-sectors also falling at record levels during that particular month. This meant that the Bank of England had to cut interest rates to reduce borrowing costs to the lowest level in its 314-year history.
Along with the decline in housing construction, the housing market has also experienced a slump. According to the Halifax bank, house prices fell by 16.2% in 2008, the biggest yearly decline since it first started keeping records in 1983. The benefit of this has meant that buying a home has become more affordable. However, obtaining a mortgage has become more difficult for a lot of people. The Bank of England confirmed that the number of approved mortgages fell to a nine-year low of 27,000 in November 2008.
Simply put, the last few years of economic recession has had a huge affect on the construction industry, more than many other industries. To simplify the business jargon, the construction industry has seen a reduction in the demand for new constructions. House prices have fallen because of the same reason; that being diminished demand, leading to property owners having to cut their asking prices to entice buyers.
For the reasons stated above, it is imperative that in the current financial environment, businesses in every industry continue to be competitive; though it is also important for businesses to be prepared, in every sense, for the forthcoming upturn that is inevitable in order to take full advantage of the situation.
To put everything into perspective, the fact that the sustainability of the construction industry is at risk in times of recession is no secret; and there will always be continuing employment, or more specifically, unemployment problems, as is the nature of the construction industry. The only way to help overcome these problems will be to expand. Having more assets and financial resources means that a business has more economic sustainability when fiscal downturns ensue.
Now Try: Building Construction
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Walters, Mark T.?The Effect Of The Recession On The Construction Industry.?The Effect Of The Recession On The Construction Industry.29 Nov. 2010EzineArticles.com.21 Aug. 2011 http://ezinearticles.com/?The-?Effect-?Of-?The-?Recession-?On-?The-?Construction-?Industry&id=5464617>.
Walters, M. T. (2010, November 29). The Effect Of The Recession On The Construction Industry. Retrieved August 21, 2011, from http://ezinearticles.com/?The-?Effect-?Of-?The-?Recession-?On-?The-?Construction-?Industry&id=5464617
Walters, Mark T. ?The Effect Of The Recession On The Construction Industry.? The Effect Of The Recession On The Construction IndustryEzineArticles.com. http://ezinearticles.com/?The-?Effect-?Of-?The-?Recession-?On-?The-?Construction-?Industry&id=5464617
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Halifax Real Estate | The Effect Of The Recession On The Construction Industry
A recession is a decline in general business activity. For the duration of a nationwide recession, a country experiences a slump in buying, selling, and production, and an increase in unemployment. A recession may also affect a particular industry or region. Traditionally, national recessions have also meant the end of relentless inflation or possibly even a fall in prices. An economic depression hurts an innumerable amount of people, particularly the employees who lose their jobs.
The recent recession has affected all areas of the UK?s national economy. In December 2008, the construction sector diminished at its highest rate since records began. The biggest decline was recorded in house building, with the civil engineering and commercial sub-sectors also falling at record levels during that particular month. This meant that the Bank of England had to cut interest rates to reduce borrowing costs to the lowest level in its 314-year history.
Along with the decline in housing construction, the housing market has also experienced a slump. According to the Halifax bank, house prices fell by 16.2% in 2008, the biggest yearly decline since it first started keeping records in 1983. The benefit of this has meant that buying a home has become more affordable. However, obtaining a mortgage has become more difficult for a lot of people. The Bank of England confirmed that the number of approved mortgages fell to a nine-year low of 27,000 in November 2008.
Simply put, the last few years of economic recession has had a huge affect on the construction industry, more than many other industries. To simplify the business jargon, the construction industry has seen a reduction in the demand for new constructions. House prices have fallen because of the same reason; that being diminished demand, leading to property owners having to cut their asking prices to entice buyers.
For the reasons stated above, it is imperative that in the current financial environment, businesses in every industry continue to be competitive; though it is also important for businesses to be prepared, in every sense, for the forthcoming upturn that is inevitable in order to take full advantage of the situation.
To put everything into perspective, the fact that the sustainability of the construction industry is at risk in times of recession is no secret; and there will always be continuing employment, or more specifically, unemployment problems, as is the nature of the construction industry. The only way to help overcome these problems will be to expand. Having more assets and financial resources means that a business has more economic sustainability when fiscal downturns ensue.
Now Try: Building Construction
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Did you find this article helpful?10
About the Author:
0){parent.location.href = self.document.location;}]]>
Home
? Real Estate
? Commercial Construction
Ads By Google?);for(i=0;i
?);}]]>]]>Mark Thomas Walters
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Joined: December 21, 2007Was this article helpful?10 0) { var s0 = ?;s0 += ?Ads by Google
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ByMark Thomas Walters
A recession is a decline in general business activity. For the duration of a nationwide recession, a country experiences a slump in buying, selling, and production, and an increase in unemployment. A recession may also affect a particular industry or region. Traditionally, national recessions have also meant the end of relentless inflation or possibly even a fall in prices. An economic depression hurts an innumerable amount of people, particularly the employees who lose their jobs.
The recent recession has affected all areas of the UK?s national economy. In December 2008, the construction sector diminished at its highest rate since records began. The biggest decline was recorded in house building, with the civil engineering and commercial sub-sectors also falling at record levels during that particular month. This meant that the Bank of England had to cut interest rates to reduce borrowing costs to the lowest level in its 314-year history.
Along with the decline in housing construction, the housing market has also experienced a slump. According to the Halifax bank, house prices fell by 16.2% in 2008, the biggest yearly decline since it first started keeping records in 1983. The benefit of this has meant that buying a home has become more affordable. However, obtaining a mortgage has become more difficult for a lot of people. The Bank of England confirmed that the number of approved mortgages fell to a nine-year low of 27,000 in November 2008.
Simply put, the last few years of economic recession has had a huge affect on the construction industry, more than many other industries. To simplify the business jargon, the construction industry has seen a reduction in the demand for new constructions. House prices have fallen because of the same reason; that being diminished demand, leading to property owners having to cut their asking prices to entice buyers.
For the reasons stated above, it is imperative that in the current financial environment, businesses in every industry continue to be competitive; though it is also important for businesses to be prepared, in every sense, for the forthcoming upturn that is inevitable in order to take full advantage of the situation.
To put everything into perspective, the fact that the sustainability of the construction industry is at risk in times of recession is no secret; and there will always be continuing employment, or more specifically, unemployment problems, as is the nature of the construction industry. The only way to help overcome these problems will be to expand. Having more assets and financial resources means that a business has more economic sustainability when fiscal downturns ensue.
Now Try: Building Construction
Article Source:http://EzineArticles.com/?expert=Mark_Thomas_Walters
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?); return;}google_ad_client = ?pub-3754405753000444?;//EA-Real Estate Commercial Construction 160google_ad_channel = ?2012143359?;google_ad_output = ?js?;google_max_num_ads = ?7?;google_ad_type = ?text?;google_feedback = ?on?;google_hints = ?industry recession construction prices decline bank meant house economic?;google_ad_region = ?test?;// ?>]]>Get Involved0 commentsSuggest a topicArticle ToolsPrint this articleE-mail to a friendEzinePublisherReport this articleCite this articleStay InformedGet notified by email when new articles are added to this category or written by this author.
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Ads By Google?);for(i=0;i ?);}]]>]]>Ads by Google ?;s += ? ?);return;}google_ad_client = ?pub-3754405753000444?;//2008-03-18: EA- ROS google_ad_channel = ?1904239528?;google_ad_output = ?js?;google_ad_type = ?image?;google_image_size = ?300?250?;google_feedback = ?on?;google_hints = ?effect recession construction industry, construction, building, real estate, business, finance?;google_ad_region = ?test?;// ?>]]> ? 2011 EzineArticles.com Click here to view rest of article from original site Tags: building, construction, real estate Linux s1.agrohost.com 2.6.18-164.11.1.el5.028stab068.5 #1 SMP Mon Mar 15 19:26:36 MSK 2010 x86_64Similar Articles
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?; document.write(?+s+?
Walters, Mark T.?The Effect Of The Recession On The Construction Industry.?The Effect Of The Recession On The Construction Industry.29 Nov. 2010EzineArticles.com.21 Aug. 2011 http://ezinearticles.com/?The-?Effect-?Of-?The-?Recession-?On-?The-?Construction-?Industry&id=5464617>.
Walters, M. T. (2010, November 29). The Effect Of The Recession On The Construction Industry. Retrieved August 21, 2011, from http://ezinearticles.com/?The-?Effect-?Of-?The-?Recession-?On-?The-?Construction-?Industry&id=5464617
Walters, Mark T. ?The Effect Of The Recession On The Construction Industry.? The Effect Of The Recession On The Construction IndustryEzineArticles.com. http://ezinearticles.com/?The-?Effect-?Of-?The-?Recession-?On-?The-?Construction-?Industry&id=5464617EzineArticles.com
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