{"id":134193,"date":"2023-11-02T07:37:23","date_gmt":"2023-11-02T07:37:23","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=134193"},"modified":"2023-11-01T10:37:37","modified_gmt":"2023-11-01T10:37:37","slug":"construction-workload-falls-q3","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/construction-workload-falls-q3\/134193\/","title":{"rendered":"Construction workload falls in Q3 following drop in housebuilding"},"content":{"rendered":"

Construction workload has fallen in Q3 following a drop in housebuilding and economic challenges, according to the latest report from the RICS UK Construction Monitor<\/a><\/h2>\n

The latest report from the Royal Institution of Chartered Surveyors<\/a> (RICS) UK Construction Monitor has revealed that construction workload has fallen, with a net balance of -10% of respondents reporting a decrease in activity for Q3. This is the lowest result since the beginning of the pandemic.<\/p>\n

The infrastructure and public works sector has continued to grow but has slowed, with a growth rate of 10%, compared to 17% in Q2; however, all other sectors have declined.<\/p>\n

Construction workload has fallen across most sectors<\/h3>\n

The most significant decrease is in private housebuilding, where the net balance has gone from -12 % to 26%. This decline can be attributed to slower sales and more competitive pricing.<\/p>\n

Public housing, private industrial, and private commercial workloads have also decreased. New business inquiries across the sector have also turned negative, from – +6% in Q2 to -2% in Q3.<\/p>\n

The new economic policy introduced over the summer has led to +38% of respondents reporting that the credit environment is becoming more restrictive. Two-thirds of participants said the UK’s current financial citation was limiting activity.<\/p>\n

Many participants also said that demand is impacting business plans. Demand has been steadily increasing and is now at its highest level since early 2020.<\/p>\n

As construction workload falls, recruitment has also decreased significantly. Over half of the participants surveyed mentioned this issue. Around 40% of respondents cited difficulties hiring bricklayers, carpenters, plumbers, and electricians.<\/p>\n

Stakeholders are not hopeful of a change in fortunes<\/h3>\n

There is also a problematic shortage of quantity, with only around half of the feedback received to this question highlighting a shortage of qualified professionals to take up roles. Only a third of respondents anticipate an upturn in productivity over the course of the next year.<\/p>\n

\u201cThe tougher environment around the housing market<\/a> is now coming through in terms of a slowing in the build-out rate of new developments according to feedback from RICS members,\u201d said RICS chief economist Simon Rubinsohn.<\/p>\n

\u201cThis suggests that housing supply is likely to fall at least for the next year, compounding the problems already being faced by many of those looking to get a first step on the property ladder or move into the rental market. In contrast, the trend in infrastructure work is still positive, albeit less so than previously,\u201d he concluded.<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

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