Building industry concern
PA Wellington Ths Minister of Works and Development (Mr W. L. Young) said that he was concerned about the house-building industry, and could not foresee a “dramatic” improvement in the industry’s level of activity. He told the Auckland Master Builders’ Association that construction costs were still ahead of inflation. “One problem caused by inflation is the higher financial risk which the industry has to allow for in costings, and the effect that this has on tender prices submitted by master builders who obviously must protect themselves against increased costs,” he said. The Ministry of Works and Development had used an escalation formula on trial in selected Government building contracts for several months, and it was proving satisfactory, he said. Approval had been given to extend the formula to all contracts expected to take a year or more to complete.
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Press, 28 November 1980, Page 9
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142Building industry concern Press, 28 November 1980, Page 9
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