Tuesday, September 02, 2008

Tough times ahead

Immigrant workers in the construction sector will be the main victims of the economic crisis here on the Costa Blanca.

The Community has 240,409 enrolled immigrants and, according to the Ministry of Work, 26.5% (63,700) of them work in the construction industry.

Once building work recommences this month a lot of these workers will be laid off. According to a recent report on BBC World, out of the 2.5 million homes that have been built in Spain since 2004 only 1.2million have sold. There is just no demand for any more building. Banks are refusing to give further loans to construction companies so many part finished projects will remain incomplete.

By the end of 2009, it is predicted that 50,000 will be unemployed in the Valencian Community of which 50% will be foreign workers.

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