UK Construction Industry Optimism on the Up
Optimism for the continued growth and recovery of the UK construction industry is rising according to the latest RIBA Future Trends Survey, which saw predictions for rising workloads amongst architects increase across the UK. This latest edition of the survey was the first to show positive sentiment from architects in the capital since the pandemic hit.
Data from the ONS also painted a positive picture, highlighting that quarterly construction output grew by 2.6% in Quarter 1 (Jan to Mar) 2021 compared with Quarter 4 (Oct to Dec) 2020, driven by growth in both new work and repair and maintenance. The report also highlighted that construction output in March 2021 was 2.4% (£334 million) above the February 2020 pre-pandemic level.
Echoing this positive sentiment, the Construction Products Association’s 2021 Spring Forecast has predicted double digit growth in 2021 and highlighted the growth already seen in the first quarter of 2021.
Adding a note of caution however, the CPA forecasts that it will be next year before the industry recovers the output lost in 2020 and returns to pre-pandemic levels. It also highlights supply chain constraints for key construction products, and uncertainty around demand for new builds, improvement works, and commercial space as posing significant risks to the sector’s recoverin in 2021.
That being said, the Soben team is confident that the construction industry across the UK will continue to work to regain ground lost due to the huge challenges faced over the last 12-18 months. As ever, there is demand for construction across many high growth sectors and we are working hard to support many key projects in the UK and beyond.