RT.com
29 Sep 2023, 01:44 GMT+10
Construction of new homes in Finalnd has reportedly dropped to the lowest level since the 1940s
The housing market in Finland is facing a downturn as construction of new dwellings has plunged to levels not seen since World War II, Bloomberg reported on Tuesday.
Building of new homes more than halved this year, totaling about 16,000 compared to over 37,000 constructed in 2022, the outlet reported citing data from the Confederation of Finnish Construction Industries.
It is expected that the Finnish construction industry will face a 10% overall drop this year.
"Due to the collapse of housing production, the number of completed apartments threatens to fall to the level of the 1940s in the next couple of years," the construction group said in a statement. "The rise in interest rates and costs has frozen both consumer and investor demand for new apartments as well as government-subsidized housing construction."
According to the confederation's chief economist, Jouni Vihmo, construction activity in Finland will not improve until the interest rate outlook stabilizes. He added that a recovery in the housing market would require a decline in the stock of new homes and a rebound for older dwellings.
The economist also warned that Finland's construction sector, which employs some 160,000 people, may soon shed up to 30,000 jobs.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Pakistan Telegraph news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Pakistan Telegraph.
More InformationLONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
WASHINGTON, D.C.: After months of warnings from former federal officials and weather experts, the deadly flash floods that struck the...
MOSCOW, Russia: Just hours after his sudden dismissal by President Vladimir Putin, Russia's former transport minister, Roman Starovoit,...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...
NEW YORK, New York - U.S. stocks rebounded Tuesday with all the major indices gaining ground. Markets in the UK, Europe and Canada...
NEW YORK CITY, New York: Financial markets kicked off the week on a cautious note as President Donald Trump rolled out a fresh round...
RIO DE JANEIRO, Brazil: At a two-day summit over the weekend, the BRICS bloc of emerging economies issued a joint declaration condemning...