I heard a statistic a couple of weeks ago stating that the weakening pound, and the effect it has on importing building materials, has little impact in UK construction projects. Wherever it was I heard this news (you will have to excuse me, as I cannot recall where it was from; although I recollect it being a trusted source) highlighted that some 80% of domestic projects (be this residential, commercial or industrial) source products from our own shores.
It was interesting to read the below this morning therefore. Reflecting on this 80%, what the source failed to highlight was how much manufacturers themselves rely on raw materials being brought in from foreign shores.
Another interesting insight is how much the civil market is struggling. With Hinkley and Heathrow been given the go ahead, it is still the house building market that is propping up the construction market.
The third quarter of 2016 saw the construction industry grow for a 14th consecutive quarter, according to the latest construction trades survey, published today. Although firms across all areas of construction reported an increase in activity, including building contractors, SMEs, specialist contractors, civil engineers and product manufacturers, some sectors are faring better than others. Civils contractors, who rely on public infrastructure works, appear to have been particularly affected by the political hiatus surrounding the EU referendum.