The country that built too many houses now cannot build enough. Bubbles destroy productive capacity, not only balance sheets.
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The country that built too many houses now cannot build enough. Bubbles destroy productive capacity, not only balance sheets.
The country built motorways nobody used and airports that never opened — and trained the engineers and financiers who now run concessions on four continents.
General contracting is normally a terrible business. Data centres suspend every condition that makes it one — which is why the numbers look like this.
Politically explosive in Spain, commercially obvious. The assets were North American, the investors were American, and the listing followed.
Construction does not export. So ACS bought American, German and Australian contractors instead of sending Spanish crews abroad — and now earns 8% of revenue at home.