...Nakheel announced it was scaling back some of its projects, one of which is reported to be the $600-million, 62-story Trump International Hotel & Tower at the trunk of the Nakheel’s Palm Jumeirah in Dubai. The project is a joint venture between The Trump Organization and Nakheel. The $2.2-billion, 396-meter-tall Gazprom headquarters project in St. Petersburg, Russia, reportedly is experiencing problems in finding financing, although the architect and structural engineer deny the project has been put on hold.

Macau’s gaming industry is another sign of the global market downturn. Struggling casino developer Las Vegas Sands announced on Nov. 11 that it was suspending construction on two big projects on the Cotai Strip. Further, Hong Kong developer Galaxy Entertainment Group announced on Nov. 22 that it would delay the planned opening of its 2,200-room Galaxy Macau casino until 2010, “after careful consideration of the prevailing local conditions and the substantially changed global economic environment.”

Economic Stimuli

If there is a positive note in the worldwide economic troubles, it is that many nations are meeting the economic problems with economic-stimulus plans that include construction components. One of the first and largest is China’s $586-billion plan, announced on Nov. 9, to bolster its economy: Much of this economic package targets new housing, roads, railways and airports. It also will help rebuilding the area in Sichuan Province that was devastated by an earthquake on May 12.

In addition to the national government’s economic boost, many of China’s provinces have announced similar programs aimed at boosting their economies through infrastructure spending.

Many other countries also have announced construction-related spending plans in an effort to head off a major recession. On Nov. 28, Spain’s prime minister announced a $14-billion stimulus package targeting infrastructure. French President Nicolas Sarkozy unveiled on Dec. 4 a two-year, $33-billion plan that targets his nation’s auto and construction industries.

On Dec. 5, Germany’s upper house of parliament joined the lower house in approving Chancellor Angela Merkel’s proposed $40.6-billion plan that includes accelerated infrastructure investment. European Commission President Jose Manuel Barroso has proposed a $330-billion spending package paid for by the European Union, national governments and the European Investment Bank.

Across the globe, nations have announced programs to stimulate their economies, fight unemployment and avoid a painful recession. Many leaders, including U.S. President-elect Barack Obama, have announced that investments in infrastructure and the construction sector are an effective way to boost employment and stimulate spending.

Whether these initiatives translate into international or only local work for major construction firms remains to be seen. But for major players in the global construction market, the near future will be one of caution and belt-tightening.