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Industry slowdown forecast

Long-term stability in the construction industry could be hampered by high energy prices and future prime ministerial changes, according to a report by the Royal Institution of Chartered Surveyors (RICS).

Long-term stability in the construction industry could be hampered by high energy prices and future prime ministerial changes, according to a report by the Royal Institution of Chartered Surveyors (RICS). The report says that despite a rise in commercial and residential property construction, confidence in profit has fallen due to high energy and raw material prices, as well as nervousness about prime minister Tony Blairâ€ââ€?¢s exit strategy and its effect on the economy. “Interest rates are set to rise further and will cool the property market in 2007.  

As such, we foresee a market slowdown in the construction industry,� said Milan Khatri, chief economist at RICS.

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