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UK construction sector confident for future

UK construction sector confident for future
The UK construction sector is set to enter promising times as a large number of companies are optimistic about the years to come.

KPMG's Global Construction Survey 2013: Ready for the Next Big Wave noted that more and more organisations across the UK have more confidence in the next five years within the industry. The sector has gone through some challenging times of late with the economic downturn biting hard on company performance and has meant the delay or cancellation of some major projects.

Now it seems that it could be getting back on its feet and entering levels not seen pre-recession in 2008. KPMG's survey found that 73 per cent of respondents are either "positive" or "very positive" when questioned on their medium-term outlook, covering the next two to five years. A further 57 per cent of UK businesses said that they are expecting growth of between one and 25 per cent this year, based on 2012 revenue.

The tide of optimism has seemed to carry throughout the rest of the world as company owners in the Americas and Asia-Pacific are also confident of strong performance for the coming years. It highlights the hard work that has been put into ensuring that the construction industry has gotten back on its feet after years of challenging conditions.

UK companies noted that government infrastructure plans, urbanisation and economic growth have been distinct factors in driving growth within the sector. Ministers have been keen to improve transport links of late with the introduction of the Crossrail development in London and the proposed High Speed 2 rail network across the country.

Alistair Buchanan, chairman KPMG Power & Utilities, said: "The sector has already signalled around 5000 jobs to be created, and the new GB pricing model awards, for the first time in twenty years, monies for research and development called innovation funding.

"This is just the start; with another £30 billion on electricity distribution in 2015, the roll out of round 2 offshore just starting, and the massive £110 billion needed in generation.”

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Date: 16/10/2013 14:22:00

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