For instance, in Estonia, Ireland and Spain, the previously oversized construction sectors had to downsize substantially. The Spanish construction sector alone has accounted for around half of all job losses in the country since the start of the crisis. Moreover, such a collapse in the construction sector has an enormous impact further down the production chain.
So, the number of people affected – for instance those providing building materials or real estate services – is estimated to be much greater than the 1.8 million who lost jobs in the construction sector. The resulting mismatch between the skills offered by unemployed workers and those that employers require explains why vacancies are not filled, despite people being willing to work.