Construction industry has ‘unique opportunity’ post Brexit
Major players in the UK construction and property industry must seize the opportunities from Brexit, says leading industry consultancy Thomas & Adamson.
“We cannot wait on politicians to determine the sector’s success,” commented Chris Narrowmore, Partner at Thomas & Adamson. “The construction sector’s players need to take the market by the horns and push ahead. There are still a lot of opportunities outside of government-funded projects.”
A new forecast from the Construction Products Association predicts that the sector will expand by just 0.7 per cent in 2018, the lowest rate for six years. However estimates for construction output growth in 2017 are up at 1.6 per cent (beating the earlier forecast of 1.3 per cent).
Thomas & Adamson argues that the positives of Brexit could well outweigh the risks: “The construction sector has a unique opportunity in a post-Brexit world to market itself,” said Alistair Wallace, Senior Partner. He has seen international investment flows into the UK market remain robust, particularly into student accommodation, hospitality, retail and residential property. “These are the strongest sectors in the UK right now,” said Wallace.
The UK economy has a long and proud tradition of adapting itself to fluctuating circumstances, so the positive attitude of the construction and property industries will prove valuable in the months and years ahead.