A further 60,000 people could lose their jobs in construction this year, according to a report on the industry due to be published today.

The European Construction Industry Federation’s annual report shows that the total value of the Irish building industry slumped from €36 billion in 2006 to €12 billion last year.

The report estimates that by the beginning of 2007, when the industry hit a record peak, it employed 400,000 workers. This fell to 140,000 by the end of 2010, and warns this figure is likely to drop to 80,000 by the end of this year.

The report highlights cutbacks in State spending on infrastructure and a lack of cash for investment in commercial building as some of the reasons for the continuing slump in the industry.