LATEST NEWS
UK housebuilding has been carrying the country’s construction sector in recent months, although growth in non-residential projects has slowed.
Reuters reported that the IHS Markit/CIPS UK Construction PMI dropped to 52.2 in December 2017, after November’s peak of 53.1. As with any PMI, a result over 50 indicates growth.
Chancellor of the Exchequer Philip Hammond announced a number of construction measures in November to boost house building in particular to tackle the nation’s shortage of homes.
The government revealed ambitious plans to build 30,000 new homes a year, with the scheme being complemented by millions in investment to set up quick courses to bring more plumbers, electricians and brickies on-site.
Hammond announced he is planning to establish a Skills Village beside every large development site to train up construction workers to ensure builders are up to speed with the latest techniques, technologies and legislation.
This government announcement boosted confidence in the residential building sector, which also experienced growth for the 16th consecutive month while there was a slight drop in commercial building projects, extending this trend which began in July 2017.
Nevertheless, new orders of construction projects increased at their fastest rate since May 2017 and the purchase of materials jumped by its greatest amount in two years, indicating more short-term growth according to HIS Markit.
Construction makes up around six per cent of the British economy and official figures show the sector grew by 4.8 per cent in the 12 months to September 2017.
For insulated roofing sheets and more, get in touch with Foregale today.