Much has been highlighted in the news about the growth of the construction sector and how more jobs have been created within the sector but interestingly, the retail sector hasn't seen the same amount of growth.
The monthly construction industry health check from CIPS/Markit has shown that job growth and output is rising at its fastest in six years; pre recession. This is a positive for the industry, although it may also highlight how bad the recession was for the industry. Government schemes including 'Help to Buy' have helped to improve the economy over the last twelve months and reports have suggested that residential and commercial builds have been on the up.
However, whilst the construction industry as a whole has improved, the same cannot be said about the retail industry. Whilst spending over the summer was strong, spending over the last couple of months has slowed down. This could be due to people saving rather than spending, or it could simply be that people aren't interested in the items available within the shops on the high street. There is also the rise of prices which has concerned shoppers as prices of goods are rising quicker than individuals wages.
The rise in spending is one of the main reasons for the economy picking up over the last year. There was little rise in investment, exportation and state components which highlights the importance of consumer spending. The rise in consumer spending is also important to the construction trade, particularly to those firms working in commercial construction.
If consumers are spending less, businesses are less likely to want to expand, either physically or in new locations. This ultimately means less work for the construction trade. At present, the construction industry is improving due to residential commitments, it's important that as these start to dry out, relevant commercial 'jobs' will arise.
As the construction industry is growing at a rapid speed, there isn't too much concern about the amount of work. In fact, at present there is more work available than there is jobs which is a boost to anyone considering a career in construction.
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