Workloads continue to grow in the UK construction and infrastructure sector, amid financial constraints and Brexit uncertainties, according to the latest Construction and Infrastructure Market Survey by the Royal Institution of Chartered Surveyors (RICS).
Unsurprisingly, given the recent support from Government, private housing and infrastructure workloads reported the strongest rise. Private housing workloads improved between July-September 2018 with 30 per cent more respondents reporting a rise rather than a fall, up from 25 per cent between April-June 2018.
These findings come as a relief even as there were speculations of a slowdown in the construction sector in view or Brexit and its implications on the UK economy. Data from various agencies suggest stability in new home builds in the last one year.
“It's very positive to see that workloads for much needed new homes and infrastructure are increasing. For three years our respondents have highlighted workloads rising in private housing, however whilst driving the growth in construction, the UK is yet to reach Government’s target of 300,000 new homes per annum,” RICS said. The last time the UK built more than 300,000 new homes per year was in the 1970s.
Meanwhile, the infrastructure sector also continued to strengthen this quarter, with 22 per cent more respondents reporting a rise in workloads.
Despite challenging market conditions and Brexit looming, overall construction output in the UK is up on the second quarter of the year, and in particular it's very positive to see that workloads for much needed new homes and infrastructure are increasing, says RICS.