Construction Sector Gains Momentum And Confidence
A rise in workloads and output volumes within the construction and housebuilding sectors has created a sense of momentum for the industry and a greater level of confidence for the future.
Buy Association reports that in the past 12 months, the construction sector has managed to adapt to the many challenges it faced during the COVID-19 pandemic, and since the start of the year, the market has seen an increase in workloads and output volumes.
With housebuilding in particular leading the growth in the construction industry, confidence remains strong.
According to the Royal Institute of Chartered Surveyors’ (RICS) UK Construction and Infrastructure Monitor, the first quarter of 2021 saw the construction sector get off to a strong start with the biggest increase in workloads since 2016.
The report from RICS showed that there change in workloads skyrocketed from 2 per cent to 26 per cent, which has been driven by strong housing demand, as well as there resumption of projects that had to be postponed due to lockdown restrictions.
Housebuilding leading the way
The report also reveals private residential construction gained the most momentum in the construction sector.
There has been a 9 per cent increase in the demand for new-build homes, compared to the same period in 2020, according to BuildScan. The sector remains resilient throughout the pandemic, and the strong demand for new builds has boosted confidence.
The government has targets to deliver 300,000 home a year by the middle of the decade and has prioritised housebuilding in recent years, which will help bring forward more new-builds in coming years, which will help keep up with demand.
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