Rics data highlights construction boost
The latest Royal Institute of Chartered Surveyors (Rics) construction market survey has highlighted a considerable upturn in house building confidence across the UK.According to the organisation's data for the third quarter of the year, 41 per cent more surveyors reported an increase in privately-funded housing project activity in their area than those who highlighted a downturn.Importantly, this is the first time all areas of the country have reported growth in house building since the onset of the global economic crisis six years ago.The report stated growth has been largely driven by funding finally filtering through to projects on the ground following concerted efforts across the sector and from government to increase lending.Simon Rubinsohn, Rics chief economist, commented: "While it's certainly good news that construction - and especially house building - is finally on the rise right across the UK, we are certainly not out of the woods yet."Critically, we're still way behind in terms of building enough homes to meet the nation's growing housing need."He added it remains particularly worrying that reports of skills shortages are already being made across the UK construction sector.Employment prospects were shown to be extremely positive across the sector at present though, with a net balance of +49 per cent surveyors stating they expect to see an upturn in job creation in construction across the next 12 months.A net volume of 71 per cent of respondents said they expect to see an upturn in work volumes over the coming year, with more developments getting underway and many new projects currently in the pipeline for builders, both in the residential and commercial property sectors.This is the strongest indication yet that the UK construction industry has now turned a corner and is on its way to recovery, with the previously mentioned 41 per cent rise the largest upturn in the index since summer 2004 - which saw 31 per cent growth.
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