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New construction down 22 percent

The new housing, office and retail buildings in Bulgaria fell by more than 22% in August 2009 compared with the corresponding month of last year, the National Statistical Institute (NSI) said Friday. Civil construction pulled off a smaller, 4.2% decrease. The total construction stock slipped by 17% year-on-year and 11.9% month-on-month. Simeon Peshov, chairman of the Bulgarian building chamber, said more trouble lies ahead, estimating that 30,000 builders have gone out of job so far in the year. A total of 1,550 companies have failed to renew their registration with the chamber and have practically dropped from the market as they wait for better times, he said, adding that 90 percent of the construction firms that have called it quits are small-sized....