A consortium of Northern Ireland contractors, builders and property developers has tabled urgent talks to examine the state of the local economy.

The meeting comes on the same day as NI Housing Minister Margaret Ritchie hosts the Shadow Secretary of State Owen Paterson to look at proposed housing developments.

The Construction and Property Group will meet in Cookstown this evening to discuss the housing market slump, which it said has led to continued jobs losses across the industry.

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The building trade is at crisis point, according to the stakeholders, who have called on politicians and banks to stimulate the sector.

Group Spokesman Brendan Cunnane said a "clear action plan" was needed.

"Over the past three weeks another 500 jobs have gone in the sector and many believe there is worse to come," he said.

"This is not just affecting builders and developers. Suppliers are now making staff redundant, as are solicitors, architects and estate agents.

"Urgent action is needed to prevent total market failure."

The group said it has 70 members from across Northern Ireland, with more joining each week.

Later today, Minister Margaret Ritchie will showcase a number of housing initiatives in the Province to the Conservative Shadow NI Secretary Owen Paterson.

Ms Ritchie and Mr Paterson are expected to tour projects in Holywood and parts of Belfast.

(PR)