Construction business recovers from Covid-19 pandemic
The Covid-19 pandemic, for the most part, has caused various industries to experience a decline in output and loss of revenue opportunities. That was the case for the construction sector as it experienced a record 41% cliff fall in March. However, the latest output figures from November show that construction business is steadily recovering and it is returning to its pre-pandemic level with a steep rise led by infrastructure, while commercial development is still trailing behind.
Construction output figures from November show that new work activities rose 3.5%, thereby counterbalancing the 0.6% decline in maintenance and repairs.
This surge in new work activity was due to a rise in all its sectors with the exception of public new housing and public other new work, which experienced a decline of 2.4% and 2.8% respectively.
Infrastructure was in pole position with a 9.6% growth compared to the previous month, followed by industrial at 3.8% and even commercial with an increase of 0.2%.
All these led to the overall growth in output of 1.9% compared to the previous month and a 0.6% growth when compared to the pre-pandemic output level in February.
The seven-month consecutive growth in construction has been a positive and welcoming sign of hope where the UK’s economy shrank considerably. While there is still a cloud of uncertainty hovering over us when it comes to continuous lockdowns, the vaccine rollout, and the effects of Brexit, among other things. It is safe to say that the recovering construction business is proving to be the silver lining in the UK’s economic challenge.
Time to kickstart your construction projects with Jerram Falkus
Jerram Falkus is an experienced family-run construction business that has successfully completed projects in various sectors, namely; Education, Housing, Healthcare, Heritage and Sport & Leisure.
Despite the numerous challenges the construction sector has faced throughout this pandemic, Jerram Falkus has been able to adopt innovative methods to adapt and thrive in these trying times, and we believe that confidence is key to economic recovery and should be an encouraging sign for you to kick-start your construction projects now. Get in touch with us for more information.Back