What does the future hold for UK construction?
- 1 Apr 2019
- In the press
If the UK is to deliver the level of housing so desperately needed to meet demand from renters and buyers alike, it must have a healthy and productive construction industry.
The potential future of this sector is the subject of much debate at the moment, particularly in light of Britain’s tortuous withdrawal from the European Union and all the uncertainty that has caused.
Jerald Solis, business development and acquisitions director at Experience Invest, delved into this issue in a recent article for Building Products.
He highlighted the strength and importance of the construction industry, which contributed some £113 billion to the British economy in 2017 and employs ten per cent of the UK’s workforce.
Since the EU membership referendum result was announced back in June 2016, the sector has remained strong and continued to make significant contributions to economic growth and infrastructure development.
Key examples of this include the urban regeneration projects underway in places like Liverpool, Cardiff and Luton, and the High Speed 2 and Crossrail public transport schemes.
Looking to the future, the government has set a target of adding 300,000 homes to the market each year by the mid-2020s.
To achieve this goal, it’s essential the construction industry is able to access the skilled labour and materials it needs to maintain productivity, regardless of how and when Britain finally takes its leave from the European Union.
Underlining this point, Jerald Solis writes: “Against a backdrop of uncertainty, it’s important to remember the importance of the UK’s construction industry as both a source of productivity and economic growth.
“With mounting demand for property, particularly in regional hotspots like Liverpool, the construction industry has an important role to play in addressing the needs of the UK. That’s why the industry needs to be supported during Brexit, ensuring that it is positioned to reach its full output potential.”
As a leading UK property consultancy, the experts from Experience Invest are often called upon to provide commentary on topical news and issues. Visit the Experience Invest in the press section of the website to read the latest features and commentary relating to buy-to-let industry, house prices and the construction sector.