What Does 2018 Look Like For The Construction Sector?
What does 2018 look like for the construction sector? Here is a round up of the latest new stories…
Surge In Housebuilding
November saw a surge in housebuilding which, according to a survey conducted by IHS Markit, has resulted in the construction sector returning to growth. This is a significant difference since entering into a recession and offers hope that the sector will continue to grow in 2018.
However, not everyone is as optimistic. An article on Investment Watch Blog points out, “the official data series in the UK for construction has been troubled to put it politely.” The article goes onto to suggest that the real output cannot be confirmed until there is a “grip on the price level.” See the full article here.
Shortage of Construction Workers
According to the Telegraph, Britain has a shortage of surveyors, bricklayers and other construction workers.
The article states that, “almost two-thirds of surveyors said a lack of skilled workers is a key factor limiting building activity”.
The Business Insider UK has also posted that 62% of surveyors now believe the problem is “hampering growth”, suggesting that the problem is bound to get worse once Britain exit the European Union.
Harvey Lawrence have suggested that the industry are now being encouraged to work closely with training colleges in order to ensure that they are being taught the right skills to combat future shortages.
Peter Aldous, MP for Waveney, has put forward a new bill which is “aimed at outlawing directly held retentions in construction”.
Aldous has said that he believes the current system wastes millions of pounds which could be used elsewhere.
The bill will call for a retention deposit scheme, with the aim of “protecting subcontractors from non-payment and upstream insolvencies”.
The idea of the bill is to provide both contractors and clients with security. For details, see here.
Stay ahead of the game with these upcoming construction events: