The sluggish construction market is causing housing builder JM to lay off 145 employees in Sweden.
"JM has increased the number of production-started homes during the first half of the year thanks to greater interest from customers, but not to the extent that it matches the volumes being continuously completed," writes CEO Mikael Åslund in a press release.
The layoff primarily affects craftsmen.
The Swedish market for new homes has collapsed like a house of cards in recent years, in line with soaring inflation and sharply rising interest rates. Recently, some signs have indicated that the bottom has been reached, but historically few new homes are still being built.
JM has a total of around 2,100 employees in Sweden, Finland, and Norway.
