According to construction companies in Mon State, they are facing deepening losses due to rising prices of construction materials.
A builder in Kyaikto Township said the rising price of construction materials has made the business unprofitable.
“Now labor costs are going up. We have to hire workers, and all our equipment costs are also going up. The building industry is hurting. After construction, we have nothing left,” he said.
In the past two years, construction work has declined significantly.
Even minor construction projects in the state have stopped, according to a construction worker in Mawlamyine.
“We don’t take on big building projects anymore. Buildings are not profitable. Only big businesses can do it now. Small business people are tired of it,” he said.
He added that the increase in fuel prices has made it more challenging to operate.
About 800,000 construction workers in the country are currently facing unemployment and about two-thirds of all condominiums and construction companies are shutting down, reports the real estate and construction community.
