Confidence upturn for UK construction
Signs of confidence are returning to the UK's construction sector after a long period of uncertainty for the UK economy, new figures have revealed.The Global Construction Survey 2013: Ready for the Next Big Wave report from KPMG has shown almost three quarters (73 per cent) of respondents were either 'positive' or 'very positive' regarding the likely fortune of their business over the coming years.Indeed, more than half (57 per cent) stated their belief they would witness between one and 25 per cent annual growth in their overall business revenues in 2013.Overall, 50 per cent of UK construction companies responding to the report stated they have seen at least a five percentage point rise in their order books from the start of the year, while more than two-thirds (67 per cent) forecast an increase in the work pipeline over the same period. Richard Threlfall, UK head of infrastructure, building and construction at KPMG, commented: "There has been a growing sense in the last couple of months that the worst is over and the results of our survey provide further evidence that construction activity is finally picking up."Construction companies now need to invest in growth. What is holding back the industry now is not lack of demand, but the ability of businesses to resource for it and recruit sufficient experienced staff."He added those businesses that have the resources to compete will be the ones who make the most of a resurgent market across the UK in the coming months.The report revealed the main drivers for growth over the year to date include government infrastructure spending, urbanisation and economic recovery, with 100 per cent of respondents stating they feel one of the major areas for future activity will be the UK power and energy industry.It is therefore an avenue an increasing number of businesses will be looking to break into over the coming months, especially as the government is committed to improving the country's energy security through a number of new, large-scale projects.
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