UK construction market overview
When operating in such a fluctuating and evolving industry that is the UK construction market, it’s essential to stay ahead of the curve no matter if you’re a builder, contractor, installer or home improvement company.
Purplex, as the leading full-service marketing agency for the construction and building products industries has deemed it worthy to take a look at the UK’s construction market, in the hope of shedding light on just some of the ways it is likely to advance in the years to come.
A growing sector that has the potential to rise up and up
In two independent surveys carried out by credit experts Experian and construction product regulator CPA, it was predicted that construction output in 2017 is only set grow. Whereas this year in 2016, the industry is on track to grow between 3 – 3.6%, this statistic is set to rise to between 3.6 – 4.3% for next year in 2017.
With the UK construction sector now accounting for approximately 6% of the country’s overall economy, this doesn’t come as too much of a surprise.
Output for all UK construction work has the potential to hit £142 billion should these independent surveys be believed, that’s up from the £131 billion reached last year in 2015. So it’s obvious that things look promising but are there any challenges those involved should be aware of?
Potential challenges to the British home improvement market
Unfortunately, it’s not all strawberries in cream quite yet, with many challenging obstacles still needed to be overcome. Most notably these challenges are a result of the current skills shortage found within the industry, which when combined with the growing demand in the housing market, puts a great deal of stress on the sector.
Multiple sources confirm that public housing is already set to fall by 10% by the end of this year, in part because it takes roughly a year longer for developers to complete construction work when compared to the pace of 8 years ago. The potential for the UK construction market to grow is most definitely on the cards, with just a few tweaks needed in order to succeed.
A closer look at the construction/ building product sector:
- Comprises all UK manufacturers and distributers of construction products and materials
- 21,000 companies approx in operation today
- Annual turnover of over £50 billion
- An industry that employs 313,000 people
Keep ahead of the curve with industry specialists Purplex
Working with home improvement companies to execute industry-leading marketing campaigns, digital strategies and PR plans for well over 12 years, Purplex can help your company stay ahead of the curve no matter how the market continues to change in the years ahead.
Comprised of construction experts who know this industry inside and out, we have the knowledge needed to best adapt to the market, and ensure that your business coverage is effective, engaging and flexible.
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