I work in construction, and my job is secure as I am at the heavy end, road, rail, infrastructure with a good fixed workload for next year. House builders though are laying off up to 40% of staff in the UK with not enough mortgages, first time or other buyers to go around. Houses in completion are being roofed and then left for the upturn to arrive. No new starts are likely to be built until the markets pick up.
It strikes me that any economy that relies on personal debt (credit) for increased turnover can be very quickly knocked over with a reduction in confidence. It may take a year or more for people to begin spending again. Meanwhile personal equity in property will take a hit and reduce ability to spend on other than essentials.