Reuters quoted Mr Xavier Huillard CEO of French public works group Vinci as saying that Europe's construction market is likely to shrink further in 2010, despite multi billion euro government stimulus packages and some signs of recovery in the region.
Mr Huillard warned that the situation would get worse for millions of construction workers in Europe before any rebound in activity. He added that "The construction industry will lose more ground and the trough is ahead. The low point will probably come next year."
He said that further job cuts could be necessary in the sector, but he insisted that Vinci, with 164,000 employees worldwide, could avoid compulsory redundancies. He added that "We will see how things progress. We will adapt."
Although many of the Europe's stock markets have bounced back from lows seen in early 2009, the outlook for the construction industry remains gloomy.
The head of the Royal Institute of British Architects warned in August that Britain could lose a generation of architects to a prolonged construction crisis, with looming government spending cuts likely to offset any recovery in private investment.