KPMG predicts surge in construction demand
Construction could be set for a return to more positive times as KPMG predicts a surge in demand over the coming years.
Industry experts at the company explained that they believe demand will "rocket" in the future thanks to a number of positive forecasts. The recent
CIPS UK Construction Purchasing Managers' Index highlighted that confidence is running at a high level following an expansion in workloads and orders in housing and civil engineering. Construction buyers noted that workload in August rose at its fastest rate since September 2007.
Recent predictions from the Construction Products Association (CPA) stated that the UK's construction sector was set to experience a rebound. Forecasters stated that industry output could grow by 2.2 per cent in 2014 which would swing the industry back into recovery. The housing market has played a major part in this process and is expected to help towards a 4.5 per cent growth entering 2015.
KPMG has echoed these sentiments and predicts positive times ahead for the sector. Richard Threlfall, the company's UK head of infrastructure, building and construction, said: "After so many years in the doldrums it is great to see further evidence of construction activity finally picking up.
"Sentiment across business has decisively shifted, with the positive outlook helping to drive higher construction output. It is particularly encouraging to see the improvement not only in the residential sector but in the commercial and civils sub-sectors as well."
The Markit/CIPS UK Construction Purchasing Managers' Index showed that there is a surge in confidence coming back to the sector and companies are increasingly optimistic about the year ahead. Around 46 per cent of respondents to the survey expected a rise in activity while just ten per cent were bracing themselves for a reduction.
Most branches of the construction sector experienced growth during the timeframe with even previously sluggish commercial construction increased at its fastest pace since May 2012.
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Date: 04/09/2013 16:29:00
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