1550 Construction Companies to Disappear from the Market

1550 Construction Companies to Disappear from the Market
: stroitelstvo.info Regional Development Minister Rossen Plevneliev warned next year would be crucial for construction companies survival

Investments in the construction sector are by almost 70% down in the first half of the year, Minister of Regional Development and Public Works Rossen Plevneliev said. The ministry saved BGN 65 million in two months, but still gets suspended municipal proj

Elena Markova | 02.10.2009 16:10

1,550 construction companies would probably be removed from the constructors register by the end of the year, Minister of Regional Development and Public Works Rossen Plevneliev told a news conference. Currently 5,860 companies were listed in the public registry of the Bulgarian Construction Chamber. The purpose of the register is to be clear which companies are entitled to operate on the market and for what projects each company has resources. But due to the crisis and the market satiation the number of construction permits falls by 32% since start-year, and companies revenues are down by 15.3%, the minister pointed out. This is not only owing to reduced consumer construction, but also to delays of many infrastructure projects financed with EU funds, on which companies relied to survive. The number of employed in the construction industry is expected to fall by some 25,800 persons from 231,000 working in the sector in 2008. According to data of the MRDPW employment in construction companies has declined by 6.4% as of start-year.

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