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Portuguese construction sector in crisis

Portuguese construction sector in crisis
01/03
Caption
One of hundreds of construction sites that remain unfinished.
Portuguese construction sector in crisis
02/03
Caption
Tower cranes of a construction company waiting for work, in an empty field.
Portuguese construction sector in crisis
03/03
Caption
Small urban rehabilitation works are an exception.
  • Portuguese construction sector in crisis
  • Portuguese construction sector in crisis
  • Portuguese construction sector in crisis

Since the beginning of the year, 868 companies disappeared and the construction sector is currently losing 90 jobs per hour. Unemployment in construction hit a new record high in 2012.

The Portuguese Federation of Construction Industry and Public Works, FEPICOP, says in a statement that, since the beginning of the year until the end of July, 868 construction companies closed. 60% more than in the same period of last year.

The financial situation of firms is constrained by funding difficulties, delays in payments and by declines in real estate sales, indicates the statement.

The FEPICOP supports this picture by data of the Institute of Employment, IEFP, which indicate that the number of unemployed people coming from the sector peaked in 2012 (growth of 29.5% compared to 2011), and the results of the National Statistics Institute, INE, which shows that the weight of construction employment in total employment fell significantly in the last 10 years (from 12% to 8.3%).

The note of the FEPICOP, says that orders are less and the outlook for employment and business confidence in the sector recorded negative growth.

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