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Construction set for tough 2014 Q1

Construction set for tough 2014 Q1
The construction sector is bracing itself for a difficult start to the new year with accountants KPMG predicting some tough times ahead.

Members of the accountancy firm explained that demand is expected to outstrip supply in the first quarter of 2014. While problems in the past have involved a lack of work within the industry, the new year will see more projects than some companies will be able to handle. However, this has been deemed yet another sign of recovery for construction which has undergone some tough measures in recent years thanks to the economic downturn.

Richard Threlfall, head of infrastructure, building and construction at KPMG, explained that construction has lost 20 per cent of its capacity over the last five years which has made the supply chain across the industry weak. The demand for work is predicted to pick up much quicker than it would have in previous years.

Mr Threlfall did offer some good news for companies across the UK noting that construction was on its way back up: "Construction is a sentiment-driven industry and sentiment in the sector is clearly on the up. Higher GDP projections of 1.4 per cent for this year and 2.4 per cent for 2014 are indicative of the pace at which the recovery is accelerating.

“The construction industry usually overreacts like no other to the promise of better times."

One of the driving forces of the construction sector's recovery has been the success of the UK housing market. Government schemes such as Help to Buy has allowed first-time buyers can a foot on the property by offering them deal where they only have to raise five per cent of the value of the home for a deposit.

These initiatives have meant that the public are now more confident that they will be able to get a home for their family in the future.

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Date: 23/12/2013 16:02:00

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