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Construction-contractor group says HUF 2,500 bln in work delayed or cancelled

The National Federation of Hungarian Contractors (ÉVOSz) says that HUF 2,500 billion in construction work has either been delayed or cancelled over the past three years, the business daily Napi Gazdaság reported.

ÉVOSz predicts that Hungary's construction-industry will contract by 10%-11%, or HUF 1,850 billion-HUF 1,900 billion, in 2010. Hungary's construction industry has shrunk 40% over the past four years.

Hungary's home construction market has contracted by 65% since the onset of the global economic and financial crisis. ÉVOSz said that the sector will not generate a profit on revenue and declining demand on the market could drive nearly 5,000 construction companies out of business. (MTI – Econews)