Much of the US house building industry, however, is now dominated by large-scale builders, such as Toll Brothers or DR Horton, which are listed companies.

BBC: Housing meltdown hits US economy

"The number of people employed has probably dropped about 40% and a lot of smaller companies have disappeared, so you have seen a widescale reduction in the capacity of the house building industry, " he says.

BBC: When will the long slump in house sales end?

House building industry body Homes for Scotland described the overall rise in lending for house purchases in the second quarter as "positive news", as it demonstrated that the demand for home ownership still existed in Scotland.

BBC: Sharp rise in Scottish first-time buyers

The construction industry is heavily reliant on house building and repairs, along with the government's capital investment programme, particularly in water infrastructure, roads, education and health.

BBC: Calm economy heads into choppy waters

Government, regulators and the water industry were urged to make concrete plans for new supply networks in advance of house building, to ensure there are adequate water resources for the future.

BBC: NEWS | UK | England | Water watchdog's supply concerns

Activity data in the UK construction industry fell quicker than expected last month, driven mostly by the weakness in house-building (PMI construction: 48.7 from 49.3 in November).

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