Construction industry reports eighth straight quarter growthJune 29, 2015
According to the latest Construction Trade Survey released by the Construction Products Association in May, firms across the construction industry have been reporting what is the eighth consecutive quarter of growth in activity during the first quarter of 2015. These burgeoning numbers come as music to the ears of an industry plighted by dormancy during the recession that hit the UK, causing serious slowing in many construction projects at the time.
Construction companies have noted that this greater confidence coming from greater economic security has played a big role in this continual growth, attributing the improved outlook for the industry to consumer behaviour in our now-healthier economy. A variety of companies experienced this positive movement in their business during the year’s first quarter, including:
Further expansion is expected in not only these but an even wider variety of firms during the rest of 2015, with the construction industry set to expand further and further in the years to come.
Despite this dramatic, fast increase in the industry, it has been estimated that the number of people working within the industry has not risen in line with this growth. Indeed figures show that compared with employment growth increases of 1.9% across the total economy this year, the construction industry has only seen 1.5% increases. Figures like these demonstrate the imminent issue that is upon us; the inability to match the ever-increasing demand for construction work with the adequate supply in terms of labour and, subsequently, output of project work.
Despite the employment adequately reflecting these huge levels of growth as of yet, we can be in no doubt that the construction industry is moving in a positive manner, responding to the economy’s new levels of growth and positive consumer behaviour. With this ever-changing industry landscape, it is our physical landscape that we can expect to see changing imminently, with a thriving increase in building work around the country.
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