The construction industry has been slowly building over the last few years to a point where the outlook is better than it was prior to the financial crash in 2008.
Last year alone in the UK, the construction industry generated a revenue of £47billion which translates into an annual growth rate of 0.9%. With almost 35,000 construction companies operating out of the UK, there is still a need for more companies to meet the high demand for buildings across the country.
Given how densely populated the capital is in comparison to the available space, it is no surprise that significant investment has been made to enhancing the space- building bigger and better high rises to accommodate the companies and people calling London home.
Both foreign and governmental investment have resulted in an 18% increase in city centre buildings being constructed since the same period six months ago. There have been almost 80 office schemes following the financial crisis and the turn towards high-rise skyscrapers will only increase this figure.
Many projects that were shelved due to lack of finance have kick-started in the capital and the last six months have seen a 24% rise in the amount of space being demolished in preparation for this new wave of construction.
This investment in the capital is clear with overall construction in the city having risen by a staggering 25% over the past six months.
Outside the capital
It’s not just London where the construction industry is booming, companies like Barratt’s homes have found the sales of their new homes have increased by 21% in under 20 weeks, illustrating the demand for housing across the UK.
As a result, they’ve launched almost 50 new developments, with desire for these properties showing no sign of waning. They’re not alone, construction projects for housing schemes throughout the country are in huge demand.
The government’s help-to-buy scheme is a significant contributor to this demand. First time buyers now have access to more support when purchasing a property, which makes it easier to get their foot through the door.
Demand for properties of all sizes has increased dramatically as a result, putting expectations on housing construction companies to deliver. The construction industry has transformed to such an extent that it is no longer lack of investment, but rather lack of skilled workers as a result of the skills gap, which could push the sector to its limits over the next decade.
Watch this space, but if you’re in construction- now’s the time to shine check out our latest construction jobs here.