GDP Figures - Construction Perspective
Date published: 24 May 2012
Commenting on today's revised GDP Figures, Phil Cusack, Chair of the Chamber's Property and Construction Committee, said: "The contraction in government spending in the North West has been of great concern to the Chamber's Property and Construction Sector Committee for some time now.
"Reductions in government investment in the school and hospitals building programmes, allied to massive cuts in local authority capital budgets, have all had significant knock-on effects for the construction industry in Greater Manchester.
"Frankly, we think the Chancellor has got it wrong - we need growth and for growth to occur, we need investment. The magnifying effect in local economies of investment in capital spend on much-needed buildings and infrastructure, shouldn't be underestimated.
"The construction sector is a major employer and a considerable part of the Greater Manchester economy. The sector is suffering almost to the point where it will soon become difficult for it to recover. It will be interesting to see if the construction new order figures, when they are announced, mirror this continuing decline in sector output."
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