Mawlamyine, June (12)
More than a year after the military coup, more than 70 percent of the construction industry in Mon State has stopped, the construction developers told Than Lwin Times.
The construction industry has been hit by a depreciation of the Myanmar currency, an increase in dollar exchange rate, rising construction material and fuel prices, and increased overall costs since the military coup.
Most of the construction companies that were facing losses are now shutting down, and only a handful of large construction companies can continue to operate, a construction entrepreneur said.
“I had to stop because the construction industry was losing money. About 70% of the construction industry has halted. But big companies that hire a lot of workers are not easy to stop,” he said.
In addition, large construction projects are still under contract and are likely to be shut down once completed.
On the other hand, the projects by the regime’s departments with tender invitations are not convenient for the builders, and thus some businesses are even facing a permanent shutdown.
In Mon State, there are tens of thousands of workers dependent on the construction industry. As the construction has stopped, families are struggling to make ends meet.
News – Than Lwin Times
Thanlwintimes