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RICS: UK Construction set for 2013 turnaround

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UK construction output could increase this year, according to a RICS survey

In the final three months of 2012 the number of surveyors expecting growth in the next year grew by 15 per cent.

The upturn was reflected in a small increase in reported workloads in last year’s final quarter.

In the period, six per cent more respondents reported increased activity. The main growth areas were infrastructure and private commercial development.

Around 89 percent of surveyors believed financial constraints were holding the industry back with around two thirds pointing to insufficient demand.

Over half also claimed weather conditions hampered a recovery in the sector.

Across the country, London and the South East and the North of England saw overall workloads rise by the biggest margin, while Northern Ireland and Scotland saw activity continue to drop by significant margins.

RICS chief economist Simon Rubinsohn said: ‘After a truly dreadful year, if one believes the official data, there are signs that 2013 will bring some better news for the construction sector.

‘Most notably, the numerous measures that the government has introduced with a focus on infrastructure appear to be bearing some fruit.

‘Critically, competitive pressures in the sector remain intense which is continuing to erode profit margins. And for the time being financing constraints are still an issue although the Funding for Lending Scheme should gradually help to ease this challenge.’

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