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Credit crunch hitting tender prices
Construction contractors are not passing on the full cost of rising materials and wages, amid fears of a backlash from clients unable to secure funding for new projects because of the credit crunch. According to a survey from the Royal Institution of Chartered Surveyors (RICS) Building Costs Information Service, the price of construction work in the first quarter of 2008, fell by 2.4%, while costs rose by 1.1% in the same period. Demand for work from the public sector fell by 6%, while private housing sector work fell by 10%. For a copy of the RICS press release, visit:
2008-08-15
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