Mr. Pat Lucey:

I am keen to respond. The industry in which we are involved is cyclical in nature. A bunch of us have been through these cycles several times. We never seem to learn from the lessons of the previous cycle. The cycle we have come through has been incredibly deep. It really hurt people to the extent that they are extremely cautious now. Many people went out of business. When some of the big companies went out of business, their supply chains suffered and they did not get bills paid. Many people were in trouble. It is already a low-margin business. Our main contractors earn profits of between 1% and 3% but they take on extraordinary risks in the context of the projects they undertake. It only takes a couple of projects to go wrong to put the biggest companies out of business. It is a very dangerous business from that point of view.

Incredible stuff is going on in construction. We have people with the can-do and problem-solving attitude.