Construction Informer

Housing Sales Upturn Predicted for UK: Some promising news comes from the Royal Institution of Chartered Surveyors (RICS) in the UK where housing market surveys predict a 10 percent increase in sales in 2009. That comes on the heels of a 25 percent drop in home values since the peak in 2007 and an anticipated additional drop in value in 2009 of 10 percent. RICS cautions though that unless mortgage money loosens up the gain might not materialize.

Dubai Construction Hits the Skids: Meanwhile, news of Dubai’s construction slowdown continues with the prediction that up to 45 percent of the construction workforce there could loose their jobs. This is on the heels of thousands already getting pink slips (or, whatever they call them over there.) In that country you can only change jobs when your current job contract is terminated, and that has to be done by application through the labor ministry. Look for this large layoff to have a ripple effect across Southeast Asia since most of those being laid off are from those countries.

Suzuki Construction On Hold: Suzuki is postponing a car plant construction project in Russia because of the global economic crises and some problems with the land at the construction site. Apparently there are some peat deposits in the soils that will need some closer scrutiny. The company was going to build 30,000 to 50,000 heavy trucks each year at the plant.

China Breaks Ground On Huge Telescope: All is not forlorn in the worldwide construction sector. China is moving forward with the construction of the world’s largest radio telescope. The scope has a 500 metre (1,640 foot) dish and is in a remote Southwest region of Guizhou. It is expected to be complete by 2013. The cost is thought to be $102.3 million and will greatly accelerate research related to pulsars, a study that has allowed scientists to confirm theories such as Einstein’s Theory of General Relativity.