Bouyant housing and commercial sectors drive big rise in first quarter construction growth according to RICS
The construction industry has seen rapid growth in the first quarter of 2007 thanks to a strong housing market and buoyant commercial property market.
The findings have been reported by The Royal Institution of Chartered Surveyors in its construction market survey published today.
The report found that growth in construction workloads have accelerated in the first quarter of the year and expanding faster than they have done in three years.
Twenty eight percent more chartered surveyors reported a rise than a fall in the period, up from 26% in the previous quarter.
Commercial and private housing was where the activity was at its strongest and Wales saw the fastest expansion in workloads across the UK.
Surveyors remained confident that the future outlook for activity looked robust but confidence in profit outlook over the next year was below the surveys long running average.
The industry still remains concerned over the issue of skills shortages with 32% of respondants confirming they were having difficulty recruiting.