Concern our construction sector will need to change, as demand reduces
Concern our construction sector will need to change, as demand reduces
3 February 2023
Westpac says falling house prices and increasing interest rates will in turn shrink the appetites for builders.
A report from the bank has found companies may start shifting to more pre-assembled parts of houses, rather than building them from scratch on site.
Industry Economist Paul Clark says it will also be important for firms to secure their finances.
He says they should manage cash flows and find ways to cut costs.
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