Contractors face a £24 billion drop in new work
UK contractors should prepare themselves for a £24 billion drop in the annual cash value of new work coming through as the recession reaches its expected bottom in 2011. Shrinking volumes and plunging prices threaten to drag the cash spent on buying new construction work down from £70 billion in 2007 to £46 billion in 2011. To put that drop in perspective it is rather like losing about three times the total construction budget of the London Olympics all in…