Building sector bankruptcies soar

The number of construction firms going bust in the third quarter of this year rose nearly 25% on a year ago, as the housing crisis continues to bite.


The national statistics office CBS said on Tuesday some 17,000 fewer people are now employed by the building trade than a year ago.
The number of bankruptcies rose by nearly 74% in the second quarter.
No recovery is expected in the short term, the CBS said. The number of building permits for new homes fell 36% in the first eight months of this year, while permits for new retail developments were down 43%.

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