Mawlamyine, October (15)
Most construction projects in Mon State are on hold in open season because the cost of raw materials is rising at an incredible rate, the businessmen told Than Lwin Times.
Construction activities halted for more than a year and a half after the military coup due to the rise in the price of the dollar, the decline in the value of the Myanmar currency, and the rise in the price of raw materials used in the construction industry.
As a result, at least 60% of businesses have ceased operations, with some continuing to operate at a loss, according to a contractor.
The price of the dollar has recently fallen slightly, but the cost of raw materials used in the construction industry continues to rise, making it difficult for business owners to resume operations.
A contractor said that due to these conditions, most of the construction businesses are not making any profit, but they are running the business as much as they can to ensure the livelihood of the workers who depend on their business.
Some businesses have reduced the number of employees, and the remaining employees are not receiving full pay.
Tens of thousands of workers rely on the construction industry in Mon State, and some construction projects have been halted, and many workers have lost their jobs.
News- Than Lwin Times