The UK construction industry employs over 2 billion people in roles as varied as contracting and building to the manufacturer ofproducts and components. It’s no secret that the UK construction industry has suffered throughout the recession, in 2012 output from the industry was around 15% lower than pre-recession Britain, but as our economy once again begins to rise, so does investment in construction. The construction industry isn’t simply vital because it is responsible for over 6% of the country’s GDP (Gross Domestic Product), it is also an industry that has a hugely positive financial effect on the wider economy with every £1 spent on construction generating almost £3 of wider spending.
A Key Component Of Economic Growth
Construction has always been a pivotal factor of the UK’s economy, with it making up a larger share of the country’s GDP than either the USA or the wider EU. The national industry had a hugely positive global reputation before the economic downturn in 2007, and since the success of the 2012 London Olympics government and international confidence has once again been restored in British construction, helping to build a strong foundation for the future. Our engineering, architecture and consultancy fields frequently top world rankings which is a sure sign of rapid industrial growth on our shores in years to come.
The 5 Mega-Trends Of The Economy
So what do government plans look like for the industry over the course of the next decade? There are 5 trends that are set to shape the business landscape of the UK over the next 10 years, and construction is at their heart:
- Infrastructure – The government is calling for over £300billion worth of investment from the public and the private sector so they can fulfil their infrastructure plan, of which construction is the backbone.
- Emerging Markets – With emerging overseas markets mixed with the European free trade agreements the construction industry is set to seize new opportunities for exporting skills, knowledge and products.
- The Digital Age – Technology is transforming the face of every industry, not least construction. BIM (Building Information Modelling) is helping the construction industry to evolve by creating detailed digital representations of a building which can streamline decision making processes regarding building project from the earliest possible stages.
- Demographic Shift – The population of Britain is changing and our built landscape is changing with it. Growth in urban areas is continuing to increase and we are gearing up to see a boom in the elderly population, with the number of individuals aged over 65 set to increase by almost 40% by 2025. This means there is going to be a greater demand for housing than ever before and our urban areas will need new construction solutions to combat density.
- Changing Climate – Energy efficiency, green solutions, sustainability; these have been the buzzwords of the last decade and it’s not set to change. The coming few years will have an increased demand for energy efficient buildings to help the UK meet green targets, which means more opportunities for fresh thinking minds and dedicated individuals.
What Does This Mean For You?
UK construction is going from strength to strength, so now is the time to get involved. If you’re looking to jumpstart your career or climb the ladder in the construction industry then PSR Solutions can help, they are a leading London recruitment agency who specialise in helping you build your construction career from the ground up. Embrace the changing tide of UK construction today and be a part of the building revolution.