After a crazy 2020 when in March all of our lives came to an abrupt halt, it is music to our ‘construction ears’ that a 14% increase is projected during 2021!
Experts at the Construction Products Association initially predicted an 18% increase after the first lockdown. However, after considering the impact of the second wave and the current Covid-19 restrictions, it’s now believed that the construction sectors will see a ‘W’-shaped recession and recovery and a slightly lower increase of 14% this year.
The main drivers are expected to be huge ongoing projects including HS2, offshore and nuclear projects, notwithstanding the constant high demand for new residential housing requirements within the private sector across the UK. Once restrictions end, hopefully sooner rather than later, construction should pick up in line with the expected economic recovery throughout late 2021 and 2022.
There is some speculation and uncertainty about the future construction of retail and office spaces within the commercial sector. It will be remarkably interesting to see how this emulates and how businesses may change how they operate. Maybe the working from home ethos may be retained, saving those businesses money as rental office space becomes unnecessary, after almost a year of staff successfully working from home.
It will be understandable if the construction sector bounced back quickly after the general impact of Covid-19 as, luckily for us, it was one of the least affected sectors compared say to hospitality, which has been heavily effected and almost flat for nearly a year!