Bulgaria Construction Sector Moves from Residencies and Hotels to Infrastructure

Business | January 16, 2009, Friday // 00:00| Views: | Comments: 2
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The exact losses incurred by the construction sector as a result of the global financial crisis would be known in April after the Bulgarian Construction Chamber completes their report.

The information was given by the Chamber's Director Ivan Boykov.

According to Boykov, the situation was the most critical on the Bulgarian Black Sea Coast where many constructions projects have been halted.

The Director further pointed out that the construction sector was diverting from hotels and residential buildings to infrastructure projects from the EU operational programs. Despite the crisis, just in December ,140 new construction firms have been listed in the Bulgarian trade register.

The crisis is affecting adversely mostly small and medium-size companies and they are letting many of their workers go, Boykov explained, adding that big companies were likely to keep their qualified teams of workers, which would guarantee the high quality of construction works in the country.
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» To the forumComments (2)
#2
fishbrain - 16 Jan 2009 // 23:07:22

jesus! now Bulgaria is in real trouble, if these mediocrities start building roads, power stations, hospitals then Bulgaria is in deep poo-poo.. hal the stuff they built is already starting to fall apart.. the other half fell apart

#1
CJB - 16 Jan 2009 // 17:49:47

"The Director further pointed out that the construction sector was diverting from hotels and residential buildings to infrastructure projects from the EU operational programs. Despite the crisis, just in December ,140 new construction firms have been listed in the Bulgarian trade register."

Well I suppose the mafia lads need to find new investment vehicles to replace the ones blacklisted by the EU. How many of these 140 are established simply to siphon off EU or state funding?

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