UK Construction Sector poised for growth in second half of 2024
18 November 2024
The UK construction sector is set for robust growth in the second half of 2024, propelled by the government's ambitious housing pledge and supported by various positive indicators.
When construction grows it creates jobs
Increased infrastructure investment, rising planning permissions, favourable government policies, economic recovery, technological advancements and workforce development all point towards a thriving construction industry. This growth not only aims to address the housing shortage but also promises to stimulate the wider economy, creating jobs and fostering sustainable development.
A boost in CITB SMSTS, SSSTS and NEBOSH Construction courses
We're seeing the early indicators of this at RISK with a rising demand in SMSTS and SSSTS courses, as well as greater uptake of the NEBOSH Construction Certificate courses. This is because with the anticipated boom in construction, there is a parallel focus on developing the workforce. Training programs and apprenticeships are being expanded to ensure that the sector has the skilled labour necessary to meet the increased demand.
The construction industry has suffered over the last few years
Construction has been slowing grinding to a halt across the country due to a combination of planning laws, skills and labour shortages and the high cost of building materials. With housing market activity broadly flat over the past 12 months and is 15% lower compared to 2019 levels, there’s a lack of confidence and less demand. However, early signs post-election indicate the UK construction sector is showing promising signs of recovery, with predictions of substantial growth in the second half of 2024. A key driver of this optimism is the government's ambitious pledge to build 1.5 million new homes over the next five years. This target will undoubtedly inject significant investment into the sector, creating a substantial pipeline of work for builders, contractors and related businesses.
What's driving the construction sectors optimism?
While the housing market is a major catalyst, it's not the sole contributor to the anticipated upturn. Several other factors are converging to create a positive outlook for the construction industry.
Infrastructure investment: Ongoing projects such as HS2, the Thames Tideway Tunnel and regional transport initiatives continue to drive demand for construction services.
Renewable energy: The UK's commitment to net-zero emissions is fuelling a surge in renewable energy projects, from wind farms to solar installations, creating opportunities for construction firms.
Commercial development: Despite economic uncertainties, there is a steady pipeline of commercial projects, including office spaces, retail outlets, and industrial units, supporting construction activity.
Repair and maintenance: The ageing housing stock in the UK presents a significant opportunity for the construction sector, as property owners invest in renovations and improvements.
While challenges such as material costs, labour shortages and economic volatility persist, the overall trajectory for the UK construction sector appears positive. With the government's housing target and other supportive factors in place, the industry is well-positioned for growth in the coming months and years.
Which means it's a good time to advance your construction career qualifications
Advancing your construction career qualifications now can enhance your employability, open up new career opportunities, increase your earning potential and provide job security in a growing and evolving industry.
► Site Management Safety Training Scheme
► Site Supervisor Safety Training Scheme
► NEBOSH Construction Certificate
Advancing your qualifications is not just about career benefits; it also fosters personal growth. Gaining new knowledge and skills can be fulfilling and boost your confidence and job satisfaction.
