Construction projects are stalling around the world as the closure of the Strait of Hormuz disrupts the supply of crucial materials and drives up prices for oil-derived products like paint and insulation.
The construction industry is a cornerstone of economic growth, contributing about 13 per cent of global GDP, but builders say restricted oil supply out of the Middle East is now holding up projects.
Masatomi Maeda, chair of Hiroshima-based Maeda Housing, said about a quarter of its projects have been delayed within the past month as suppliers could not confirm delivery dates for goods including PVC piping, insulation materials and prefabricated bathrooms.
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