How The Construction Industry Has Been Affected In The

How the construction industry has been affected in the
economic downturn in Britain can clearly be seen if you
visit the country. There are a number of unoccupied
executive apartments across the country that appear to be
relics of the more beneficial previous years. It seems
strange to think that this era was only a few years ago.

There was a time when property was booming. Inevitably in
the economy there are boom years and bust years. During
their time in government New Labour were fortunate to
experience a boom period. During this time prices of
properties increased and many people became rich due to the
massive rise in house prices. It was also a time when people
had more access to credit. At the same time this meant
purchasing holidays, properties and other items that helped
to boost the economy.

In England this was clearly illustrated in the Eighties. It
was a time of social mobility when the Conservative Prime
Minister Margaret Thatcher declared the end of society. This
signalled the rise of the yuppie as people sought to become
rich on the stock market. Unfortunately this would also
eventually lead to economic problems that would see three
million people unemployed, not helped by closure of mines
and problems in manufacturing.

The end of the twentieth century saw New Labour come into
power. This was a time when bankers were encouraged to take
risks and people found it easier to get hold of credit. A
lot of people decided that it was sensible to invest in
property and decided to use their credit to speculate on the
market.

This inevitably meant that a lot of proposed construction
projects were cancelled. This included the New Labour
program to build new schools and to overhaul existing
schools. Furthermore companies dependent on government
contracts went into administration, further endangering
jobs. There has been some recovery in the sense that new
academies and free schools are being built.

The problem is further complicated in that it is estimated
that one million homes need to be built in order to house
the population. Currently there are a number of people
applying for social housing. At the same time there are a
number of executive apartments and other properties that are
currently not being lived in. In some places this has led to
a rise in squatting.

The news is not entirely bad. In recent years there was the
building of the new Wembley stadium, one of the most
expensive stadiums built in history. The 2012 Olympic Games
have also led to a series of regeneration programs in East
London.

How the construction industry has been affected in the
economic downturn in the UK appears on the surface to be
very negative. There is the hope that the economy is soon to
recover. It is estimated that a million new homes need to be
built and this demand is unlikely to go away. While this may
be difficult times for the construction industry a boom may
well be around the corner after this current bust.
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