75% of country's construction at a standstill: National Construction Association

COLOMBO (News 1st); Around 75% of construction work in the country has come to a standstill owing to the increase in the cost of building materials together with the spike in fuel prices, says the National Construction Association of Sri Lanka.

Its Vice President, M.D. Paul stated that the price of a cube of sand has increased by over Rs. 8,000, to almost Rs.22,000, after the fuel price hikes.

However, since the fuel price hikes also increases all transport costs, a cube of sand now costs Rs.30,000, he added.

Moreover, metals, ABC and all other building material costs have increased by 60 to 70%, the National Construction Association mentioned.

Vice President Paul stated that the current situation has negatively impacted the employment of about 1.2 million of those who are working in the construction industry and warned that if this situation prevails, the entire industry faces the threat of collapse.