Leading construction sector analyst, Experian, has reduced its average annual output growth forecast for the UK from 1.7 per cent to 1.3 per cent.
The latest projection was released in CITB’s ‘Construction Skills Network 2018-2022’ report, and despite a slight downgrade of 0.4%, it still expects the outlook for the construction sector to remain buoyant.
According to the report, the infrastructure, private housing and public housing sectors will be the main drivers in terms of output, achieving an annual growth rate of 3.1%, 2.8% and 2.2% respectively.
It also identifies the commercial sector as the most at risk, mainly due to investors stalling on new projects due to Brexit uncertainty.
And with a number of flagship projects, like HS2, Wylfa Newydd and Hinkley Point, coming on line, it estimates the sector will need to create 158,000 new jobs to cope with demand.
More locally, Experian predicts the East Midlands construction sector will stagnate over the coming 5-years, achieving only a very small average annual growth of 0.5%. Infrastructure, 4.6% pa, is the dominant contributor, fuelled partly by the arrival of the HS2 project and the construction of an offshore wind farm at Triton Knoll, Lincolnshire. Other areas likely to provide a boost to growth are the private and public housing sectors, with 2.3% and 1% forecast annually. This is in stark contrast to output for the public non-housing, commercial and industrial sectors, all set to retract.
In the West Midlands construction output is forecast to increase by 1.8% per annum, much higher than the national average. As expected, the infrastructure sector will be the largest contributor towards growth, boosted by the £1.8bn road improvement plan and the long-awaited £11 billion High Speed 2 rail link. The commercial sector, 1.7% per annum, private housing, 1.6% and public housing, 1.2%, will also provide additional, if not smaller contributions to the gain.
With the Midlands’ housing and infrastructure sectors set to boom, at M. Lambe Construction we believe we are best placed to support you with your next career move. We are always on the lookout for skilled groundworkers, plant operators, site supervisors, project managers, engineers, contract managers, estimators, quantity surveyors, buyers and health and safety advisors – whatever your interests, there is a role for you at M. Lambe Construction.
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