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Construction Industry Set to Break Records in 2015
According to several reports, the construction industry is set to break plenty of records in 2015. Not just in one country, but around the world. Recent figures have shown that not only could construction output break records, but employment growth could also. Is this a move in the right direction for the industry as a whole?
The construction industry was one of the hardest hit by a recession. It makes sense. After all, people are not keen on building new properties if there isn’t the buyers market. This also had a knock on effect to those companies which worked closely with the construction industry. Those who produce parts for construction vehicles, such as CCTY Bearing would have noticed an impact too. Tradesmen and women, tool suppliers, every single area, would have been affected. The recession caused many construction companies to close down or go on hiatus while the economy righted itself. Nobody was getting enough business coming in.
A new report says that output records will be set this year, with an expected forecast of £34.4 billion. Around $54 billion. That is just in the UK alone, but this isn’t the only country seeing massive growth. All around the Western world the construction industry is picking back up. In the USA there has been a steady increase in the amount of projects being started up. As the economy finds its feet, there’s more of a demand for new properties. This has also had a knock-on effect on the housing market. The improving economy means that people can afford to buy new homes or renovate their existing ones. All of which is playing a part in the massive growth of the construction industry.
It’s not just the construction sector output which is expected to break records in 2015. The number of construction jobs has risen significantly as well. With some reports estimating around 63% of an increase. This shift means that those who had to put their work on hold or consider other careers, are now able to get back into the industry. The number of people applying for construction jobs has also increased in the last year. Many people are learning trades due to the increase in university tuition fees. Not everyone can afford to get a degree, so are going to collect and learning a trade instead. This increase in both jobs and candidates will further improve the industry as a whole.
Things are looking bright for those in the construction sector. With what is thought to be record breaking profits and a huge rise in talented trades, there seems to be nothing standing in the way. Of course, this isn’t to say the industry won’t see another downfall in the future. However, as things stand it’s the perfect position to be in right now. There is soon to be more demand for new properties, as the economy rises again. This will lead to further projects and more growth.
If you work in the construction industry then now is the perfect time to expand your business. We’re set for a record-breaking year in 2015. Long may it continue.