Workloads increase for construction industry as Brexit approaches, according to latest survey findings
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24th October 2018 16:06 - Construction
Workloads increase for construction industry as Brexit approaches according to latest survey findings:
A construction industry survey has revealed amid the uncertainties of Brexit and challenging market conditions, workloads for surveyors have continued to grow.
The Q3 RICS UK Construction survey and Infrastructure Market Survey found that 20% more chartered surveyors reported greater workloads than was reported in the previous Q2 report.
This was true for all regions of the UK, although most notably in the Midlands and east England where the rise was the most accelerated. Infrastructure activity for energy, rail and roads also experienced a surge across the UK in Q3 with the exception of Scotland and Northern Ireland.
The survey also revealed that despite increased workloads, three quarters (75%) of surveyors polled report that financial uncertainty and constraints are the most significant barrier to growth -- a figure slightly down from Q2 results where it was 80%.
Looking to the future and the strength of the economy, those polled predict a slowdown in growth although a third (33%) believe growth rather than regression is to come – down 7 percentage points since Q2 findings where it was 41%.
A new question put to respondents for the Q3 survey asked them how they felt credit conditions have changed over the past three months. More respondents reported a deterioration rather than an improvement and expect circumstances to deteriorate further over the coming year.
Further deconstructing the sectors, private housing and infrastructure workloads have increased the most, and over the coming year, it is expected that railroad and energy divisions in the infrastructure sector will see the largest growth.
Hew Edgar, Head of Policy for RICS said: "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."
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