Table 2.2.

A review of existing literature on the impacts of economic recessions on the construction industry

No.	Impacts of economic recessions on the construction industry	References
1	Fall in construction demand and volume of work	Grogan (2010), Ruddock, Kheir, and Ruddock (2014), Tansey (2014)
2	Construction firms feel pressure to get work	Lim et al. (2010)
3	Aggressive assumptions made for bidding	Lim et al. (2010)
4	Higher contractor to projects ratio	Alaka, Oyedele, Owolabi, Bilal, Ajayi, and Akinade (2017)
5	Bidding competition increases	Alaka et al. (2017), Ruddock et al. (2014), Tansey (2014), Yoo and Kim (2015)
6	More changes to the agreed scope of works and/or requests for increase in speed of project	Treacy, Spillane, and Tansey (2016)
7	Fall in prices of property	Grogan (2010), Yoo and Kim (2015)
8	Poorly motivated people resulting in declining performance in all areas	Schleife et al. (2014), Albattah, Shun, Goodrum, and Taylor (2017)
9	Risk of failure in the supply chain which includes subcontractors and suppliers	Ruddock et al. (2014)
10	Overhead costs rises	Lim et al. (2010)
11	Clients defaulting on their payment	Ruddock et al. (2014)
12	Sources of fund are affected and firms see a reduction in lenders	Lim et al. (2010), Ling and Lin (2013), Tansey (2014), Thach and Oanh (2018)
13	Higher interest rates charged for lending i.e. higher costs of borrowing	Deereper, Lobez, and Statnik (2017)
14	Fluctuations in prices of materials, manpower and machinery	BCA (2018b)