Construction in Myanmar slows due to lack of construction materials
Construction materials are in short supply in Myanmar and their price is rising, meaning that construction has had to be halted in some areas.
Many construction materials have to be imported and construction companies are facing difficulties obtaining the relevant import permits and necessary foreign currency to buy and import construction materials, meaning that their price has skyrocketed.
The price of cement has risen by 35 per cent and the price of mild steel is nearly 3 million kyats a tonne. Other building materials have risen in price by between five and 10 per cent.
The price of locally produced construction materials such as bricks, sand and dry stones are also increasing due to rises in transport and production costs.
As a result of the volatile prices of construction materials construction companies are reluctant to quote for and take on new jobs because they fear that material costs will rise after they have signed contracts, meaning they will lose money.
The construction business is also facing a labour shortage, probably not helped by the fact that so many young men are fleeing conscription.
Construction companies are concerned that the shortage of construction materials will become a long-term problem as the value of the kyat is continuing to fall in the money market.
Source: https://eng.mizzima.com/2024/05/10/9765
