Isle Of Man / Ellan Vannin

Isle of Man construction industry remains 'depressed'

The Isle of Man's construction industry "remains depressed", according to an independent economic report.

The report, which covers 1 April to 30 June, pinpoints a "lack of confidence" within the sector.

It says problems facing the industry include rising material prices, a lack of new development and fewer bank loans in speculative projects.

The report also cites difficulties in obtaining planning permission as a significant issue for building firms.

The Isle of Man's construction industry currently has the largest proportion of unemployment.

About 6% of the total amount of people employed in the industry were out of work in June 2011.

The economic report refers to a recent independent survey conducted by PricewaterhouseCoopers.

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