Sat, Nov 21 2009

Bulgaria's construction sector facing 'survival year' in 2010 - Minister

Mon, Oct 26 2009 14:33 CET byNick Iliev 1602 Views 1 Comment
Bulgaria's construction sector facing 'survival year' in 2010 - Minister

Photo: Maria Subotinova

About 30 000 to  35 000 people employed in the construction sector were facing redundancies in 2010, Bulgaria's Regional Development Minister Rossen Plevneliev told the Bulgarian National Television on October 26.
 
Residential real estate construction has decreased substantially and the construction sector has been further hit, like the rest of the economy as a whole, by the 52 per cent decline in foreign direct investment since the onset of the global economic downturn.
 
There are 12 000 firms nationwide registered in the construction business, of which 5500 were members of the Bulgarian Chamber of Construction (BCC). According to Plevneliev, BCC expects that as many as 1500 of its members to go bankrupt.

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