Glenigan’s quarterly report, released in April 2014, confirmed that the construction industry is improving.
Glenigan reported that confidence in the construction industry is ballooning as growth in both the office sector – and interestingly housing has continued into the first quarter of 2014.
As forecast, office projects are the strongest performer among construction projects with numbers of office projects beginning on site rising by 34% on the figure from this time last year.
Closely behind is retail which is up by 28% with hotels and leisure up by 15% from one year ago.
Housing had been expected to fall this year, however the demand for private housing is rising sharply and is evidenced by strong project starts during the first quarter of 2014.
However, as expected, demand for social housing is starting to decline along with other public sector projects such as education, health and community projects.
Projects reliant on public money are now starting to drop off, however the commercial sectors in particular are seeing positive growth.
Private firms and developers are more confident about putting money into construction.
This is leading to increased demand for both domestic and commercial installers as opportunities to work on these new projects grows.
However, despite the great news and future outlook, there still remains the issue of a diminishing skill set within the construction industry as the numbers of skilled installers continue to drop.
In October 2013, Trade Skills 4U reported that an ageing workforce could lead to a shortage of electricians. If the construction industry continues to grow at the current rate (which is likely) it will be an impossible task to feed the demand for qualified electricians and installers on the up and coming new projects.