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Construction sector highlighted as potential growth driver

Construction sector highlighted as potential growth driver
Chancellor George Osborne is being urged to look at the construction industry as a major driver for growth.

The Construction Products Association believes that both this sector and product manufacturing have the ability to promote short-term improvement as well as facilitating the long-term prosperity for the UK. Officials at the organisation believe that the £4.69 billion capital spend that was announced in the 2011 Autumn Statement, combined with the extra £5.5 billion unveiled in December it will help to improve the current gross domestic product (GDP) by 0.8 per cent.

It will provide a timely stimulus to the construction industry as well, with figures from the Office for National Statistics (ONS) showing that output within the sector had dropped 8.4 per cent during 2012. The future also paints an unhappy picture with forecasts of a further drop of 2.2 per cent but planned capital investment can provide a driving force behind the nation economy.

Diana Montgomery, chief executive of the Construction Products Association, explained that in light of these declining figures, the government should be doing more to help out the industry. There has been a rise in capital investment for repair and maintenance of roads and schemes such as these will help to get the sector back on its and perform to the best of its ability.

"We want to see the UK improve on its current ranking of 24th in the world for the quality of its infrastructure. For the UK economy to remain internationally competitive in attracting inward investment, it is essential that there are significant improvements in its infrastructure," Ms Montgomery added.

The Scottish government has already highlighted the importance of its own construction industry by announcing a host of budget proposals designed at supporting economic growth within the sector. The country's parliament has already given its backing for the funding which will equate to around £3.4 billion for the 2013/14 financial year and provide a significant boost to the nation's construction firms.

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Date: 26/02/2013 16:46:25

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