THE Balearic construction industry is prepared for a forecast reduction in growth but not a crisis.
The president of the Balearic Association of Constructors, Sebastian Pastor, said yesterday that the industry expects to post growth figures of between one and 1.5 percent this year, 50 percent less than last year, but he ruled out that the sector is sliding into a crisis .
On the day that it was reported that house sales in the Balearics fell by eight percent last year, Pastor said that this year's outlook for the Balearic building industry remains positive.
Pastor yesterday held talks with the Balearic President Francesc Antich to discuss the current economic and employment situations and the short term forecasts.
Emerging from the meeting, Pastor said that the government is committed to a significant investment in public works and other infrastructure, such as expanding the rail network, which will help the building industry. However, he did admit that there appears to be an excess of property for sale on the market.
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