The UK’s construction industry confidence has been rebuilt as it rebounds making post-Brexit fears disappear.
The building sector accounts for 6 per cent of the UKs output. Although the UK market has contracted, performance has been much stronger than anticipated.
Construction firms have begun to display signs of further future potential. Invitations to tender in August have been steady and consistent showing stabilization which could be the precursor to growth in the UK.
Speculation on the robust performance of large and smaller companies has pointed out, that it is the small to medium size businesses that are likely to adopt a “wait and see” approach. It could be far more beneficial if you’re a small business owner to follow suit and adapt to a more bullish approach.
A number of businesses reported that demand in August had been surprisingly buoyant despite the Brexit blues. A recent survey also showed that there had been improvements across all sectors – housing, commercial and civil engineering.
Responses from surveys have suggested that the uncertainty of the Brexit vote could be the reason why construction sector has slowed. This is especially true in terms of house building and commercial work.
Stabilization is more in sight now with more encouraging PMI data for August which provides hope that the fallout from Brexit uncertainty will be short-lived and quickly forgotten.
Brexit has brought with it many doubts and has shocked the nation who was for the most part unprepared for such a radical exit strategy. Now that the smoke is clearing we can see that it going to take some true Brit, grit to wash the blues away.