What does 2015 hold for construction contractors?
There may be good news on the horizon for contractors in the UK, with a number of large-scale developments beginning in 2015 and steady growth predicted across the sector.
As of September 2014, the constructor sector had experienced 16 consecutive months of year-on-year continual growth. The only issue seems to be a shortage of skilled workers on hand to complete upcoming projects. Although there are 3 million construction workers in the UK, there aren’t enough skilled workers to meet the needs of the booming industry.
It was recently estimated that London and South East need a 51% increase in training provision to meet demand in the coming years (see Skills to Build for more information). This skills gap is made even more significant by the £96 billion pipeline of construction projects scheduled for the area in the near future.
Housing developments, energy and transport projects will be amongst the many areas of expansion next year. The Construction Products Association recently released its autumn forecast, predicting huge growth, with road construction expected to rise by 46%, private housing starts by 6.1% and energy infrastructure by an amazing 118.2%. Whilst 2014 was a time for investment, 2015 may be the time for return on investment.
The infographic below reveals what 2015 has in store for the construction industry. It was prepared by Quantic UK and is reproduced here with permission from Quantic UK Brand Development Manager, Bethany Trenbath.
Bethany Trenbath is Brand Development Manager at Quantic UK, a specialist accountancy firm based in the UK, with over 11 years' experience helping you make the most of your money.
See more Construction industry infographics.
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