The field of ground engineering and construction often is characterized by unknown conditions, a high level of uncertainty and risk. In the difficult economic conditions we see around the globe today, it seems as if the entire construction industry is on shaky ground, too. As the CEO of Soilmec, a heavy equipment manufacturer in the ground engineering sector based in Italy, I would like to offer my insight into how the European economic crisis is affecting the worldwide construction industry.
In Europe, stronger austerity measures put into place by local governments in late 2011 and early 2012 have led to reductions in infrastructure and private construction spending. As a result, the construction industry in Europe has seen a significant slowdown. Many small projects are under way but are experiencing varying degrees of delay due to financial issues.