Michael Commins
SOME are already calling it ‘Black Friday’ in expectation of some major redundancies in the construction business. This Friday, July 20, marks the beginning of the annual ‘builders’ holidays’ and sources close to the industry are warning of sizeable redundancies in view of the downturn in the trade.
There are mounting fears across the industry in the region that a spate of lay-offs are imminent as the building sector experiences its first major contraction in over a decade. New housing starts have plummeted while major ventures have been put ‘on hold’, with some fearing that new developments will only lead to a much steeper fall in prices with an over supply in the market.
A source associated with the industry told The Mayo News at the weekend: “People in the business around the country have dubbed next Friday as ‘Black Friday’ and they are predicting that many firms and contractors will avail of the holiday break to announce redundancies all across the sector.
“It is not only the building trade that will be hit but firms who specialise in related matters, such as window installation and much more. I am already aware of some quarry redundancies. There is much speculation that the industry is being ‘talked up’ while everyone knows that things have slackened off considerably.
“If you stand at almost any crossroads along the main roads, there is nothing but auctioneers’ signs and properties for sale. You would nearly think half the county is for sale. Prices are falling back and this was to be expected as things could not have gone on the way they were going, and it was only a matter of time before they came down.
“Even allowing for that, I would say that the speed in the fall-off of new applications has taken many by surprise. Of course, there are many who will welcome a big fall in house prices as it will enable them to buy a house they can afford. Too many have gone in too deep with huge mortgages and look set to face very difficult times ahead.”
