RICS construction market survey says sector is beginning to recover, with activity picking up across almost all parts of the country
The construction industry is beginning to recover, with new number of new projects increasing in almost every part of the country, latest RICS construction market survey has found.
The RICS survey found that since the start of 2013, activity has slowly begun to pick up, with a net balance of 21% more surveyors reporting rises in workloads during the second quarter of the year, the most positive reading in over six years.
The RICS said the pick-up in activity suggested the “worst could now be over for the sector”.
The survey also found that 59% more respondents predicted workloads continuing to rise rather than fall.
Across the country, activity saw the biggest rise in London, the South East and the Midlands.
Northern Ireland registered the lowest reading (net balance -4|%) yet this still represented a considerable improvement on recent years.
Simon Rubinsohn, RICS chief economist, said: “It is clearly good news that the amount of construction taking place across the country seems to have turned a corner.
“But this modest improvement comes after a long period of contraction and many businesses in the sector are still struggling to keep their heads above water.
“Securing finance for development is still a big challenge and, despite the government’s attempt to revamp the planning system, the feedback we are getting suggests that this issue also remains a major obstacle to getting projects under way.”