The Comeback of the Construction Sector

05 Jun 2014, by Anthony in Crane Training News, Earth Moving Training News, Forklift Training News

The construction industry in the UK has grown in recent months, and even though that growth has been slow, it has been stated by the UK Construction Products Association that they expect growth of up to 18% during 2014. This is a positive sign for those working in construction and with machinery such as Forklifts, Cranes and Earth Movers.

They have also stated that the recovery of the construction industry in the UK was much stronger and wide-ranging thanks to the increase in the number of new homes being built, as well as the additional infrastructure that goes with them.

This statement by the UK Construction Products Association has been backed up by other reports, most notably in a report on the BBC News website from 4th February 2014.

“The UK’s construction sector grew last month at its fastest pace for almost six and half years, a survey indicates.

The Markit/CIPS purchasing managers’ index (PMI) for the sector rose to 64.6 in January. This was up from 62.1 in December and well above the 50 level that marks expansion.

It was also the strongest reading since August 2007 and one of the highest figures since the survey began in 1997.” Read more here: http://www.bbc.co.uk/news/business-26030086

Positive Future Forecast

The figure of an 18% rise in the number of new homes being built is largely due to the popularity of the recent help to buy scheme, which was introduced recently by the UK’s coalition government, as a way of stimulating house building, and the economy.

The forecast for the construction industry also looks good for 2015 as well, with an estimated growth of 10% for private housing, whereas the construction of commercial office space is expected to rise by 7% in 2014, and a further 10% in 2015. Add the extra growth of infrastructure construction in to the mix (with figures of 10.1% in 2014 and 7% in 2015) and things are really starting to look up for the UK construction industry.

This continued growth in the UK construction industry is not just beneficial for creating more jobs, but it will also help boost the UK economy, with these growth figures said to be worth an extra £20 billion to the economy of the United Kingdom.

However, it is worth noting that according to the Construction Products Association, the building of new private home only accounts for 15% of the total amount of construction in the UK. The biggest market is in the construction of commercial properties, which is a sector that is expected to grow year on year up to 2017.

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