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UK Construction Industry Faces 'Tough Time' in 2011

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United Kingdom  Construction Finance  RICS  Simon Rubinsohn  Royal Institution of Chartered Surveyors 

UK Construction Industry Faces 'Tough Time' in 2011

By - Tuesday 11 January 2011

Government austerity measures in the UK and continued concern relating to accessing finance has meant that confidence in the construction industry turned negative during the third quarter of 2010.

Some 59 per cent of chartered surveyors have claimed that there has been no increase in their workload over the course of the period, a survey from the Royal Institution of Chartered Surveyors (RICS) has found.

Indeed, those working in the industry that did experience a change in their workload reported that they had lost work, rather than taken on new contracts. Among the factors cited by those in the industry for the negative outlook were insufficient funding for new developments and continued concerns over the economy.

According to the survey, the overall outlook for the coming year also worsened, with surveyors reporting output expectations falling.

"Government data shows the construction sector has rebounded more strongly than many anticipated but our latest survey casts considerable doubt on whether this improvement can be sustained. The collapse in public funding will inevitably have a major impact on the sector," said Simon Rubinsohn, RICS chief economist.

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