The state of the Construction sector is often considered an indicator of the health of the UK economy. Good news came when it was reported that the UK’s construction industry ‘rebounded in May’ after a near two-year low in April. The CIPS/Market Construction Purchasing Managers’ Index (PMI) rose to 55.9 (any reading above 50 indicates growth) as confidence levels hit a nine-year high.
In addition, it was reported that job creation in the sector was the fastest recorded so far in 2015.
Meanwhile, the number of new homes required to keep up with demand seems to keep rising. One report said that 300,000 new homes need to be built every year – the current figure is reported to be about 125,000.
So, the general trend for the sector is positive. Which, in turn, means we expect brokers to see an increase in the number of enquiries from firms involved in construction.