Growth in the UK’s building sector is predicted to be one of the fastest in the world to 2021, despite fears of an economic slowdown owing to the country’s exit from the European Union, according to research by The Business Research Company in its report The Global Construction Industry 2017. At 13.3% year on year, it has been growing more rapidly even than China’s. A housing shortage leading to rapid property price increases in given areas, especially London, stimulated the UK building market during recent years when the country’s economy was growing very fast. Going forward, a modest reduction to 11.7% is forecast, but this still puts it ahead in growth terms of other major economies. Increasing investment in residential and transport master plans, regeneration and renewal of former industrial and residential neighborhoods and re-zoning to allow housing development are expected to drive the market to 2021.
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Globally, the building sector splits almost half and half into residential and non-residential construction, which comprises industrial, commercial and institutional buildings. It accounts for nearly half of the global construction market, and is worth nearly two-thirds as much again as the other main sector, heavy and civil engineering construction.
The building industry, in the UK as in most other countries, is highly fragmented. As a result it remains labour-intensive, despite the launch of innovative technologies including autonomous construction vehicles equipped with sensors, cameras and GPS and modular building. Because these cost-lowering technologies involve significant investment, they are beyond the reach of the typical small building firm, which is also, owing to the cyclical nature of the market, inclined to be risk-averse. As a result, the UK’s building market is likely to need large amounts of labour in the coming years. In recent years workers from the European Union have filled many posts; the building industry is one among several that are very concerned at the risk of labour shortages in future.
Where to Learn More
Read Buildings Construction Market Global Briefing 2018 from The Business Research Company for information on the following:
Markets Covered: Residential Building Construction And Nonresidential Building Construction
Companies Mentioned: China State Construction Engineering Co., Ltd., China Railway Construction Corporation Limited, D.R. Horton Inc, Lennar Corporation, Kiewit Building Group, PulteGroup Inc, Toll Brothers Inc, Jacobs Engineering Group, Bouygues SA, Power Construction Corp. Of China
Geographic scope: Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Time series: Five years historic and forecast.
Data: Market value in $ billions.
Data segmentations: Regional breakdowns, market share of competitors, key sub segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Interested to know more? Here is a full scope of Construction Market reports to explore:
Construction Market Global Briefing 2018 https://www.thebusinessresearchcompany.com/report/construction-market-global-briefing-2018
Heavy and Civil Engineering Construction Market Global Briefing 2018 https://www.thebusinessresearchcompany.com/report/heavy-and-civil-engineering-construction-market-global-briefing-2018
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