A forecast of 10.5% growth output between 2014 and 2017 has been highlighted by the construction industry. It is believed that commercial building and housing will be the key drivers in the growth. Last year finished on a high for construction, with the industry recording the biggest year of growth in construction since the recession hit. These figures show that there is set to be a stronger growth forecast over the next two years.
With the recent flooding in areas such as Cornwall and the South West, it would be understandable if construction had been affected. The country has been hit with floods and bad weather since before the Christmas period, and this is set to continue over the next couple of weeks. However forecasts so far show the bad weather hasn't made too much of an effect.
Many industry experts have stated the growth last year was partly due to Government initiatives such as the 'Help To Buy' scheme introduced last year. There has also been a number of private investments from housing companies. Experts believe it is vital that we keep this in mind when predicting growth as once the Government stops funding these schemes there may be a dip in the growth. Experts believe that if you want to maintain a consistent growth, it is important to transfer some of the recovery responsibility to private investors rather than relying on the Government.
As we start to move further away from the recession, it's really important for construction firms to train and recruit more staff, and contractors to ensure they are able to fulfil projects on time and safely. Of course, every time a new staff member is recruited there also needs to be Supervisors and Managers in place to ensure they are doing the job properly. This means that recruitment is set to increase in all areas of construction.
Industry figures have also shown that over the next few the construction industry will find it difficult as many existing Supervisors and Managers will be retiring from the industry. With this in mind, the construction industry will need to ensure that an adequate amount of employees are employed within the company to move up the ranks.
Industry leaders have reported increases between 2.7% and 4% in project starts for 2014. Have you noticed an increase in projects over the last twelve months?