The UK construction industry was greeted by somewhat mixed news this month, as although output actually fell by almost 3%, the future predictions retain their relatively optimistic outlook. February saw this rather disappointing level of output being registered, but it has been largely attributed to the extremely poor weather experienced upon many key building sites during this period. Some of the rain and flooding during this month were among the most severe occurrences on record, so it is perhaps rather unsurprising that construction output found itself becoming stifled.
Despite this setback, reported by the BBC to be the single largest monthly decline since the winter of 2013, when one takes into account the three months prior to the end of February the total output of the construction sector has actually still increased. Additionally, Howard Archer, a leading economist at HIS Global Insight, has stated that the outlook for the first quarter of 2014 is still set to register figures that will display a significant level of expansion. Apparently, even with February’s decline, a tentative construction activity increase of just 1% in March will have seen an overall quarterly growth of 0.5%. Even a flat lining output in March would fail to derail expansion completely, and the strengthening performance of UK construction even in the face of adversity is therefore heartening.
Although the figures being debated hardly seem worthy of note, the value of these observations is deceptively important, as the recent torrid times that the construction sector has experienced make even small increases a relative triumph. With construction continuing to head in the right direction – albeit at a slower pace than some would like – the opportunities within these environments are only set to increase; and this is indeed good news for contractors seeking work in building and construction capacities. Contracting in the construction sector brings a variety of specific responsibilities, as do all contracting occupations, and so we highly advise that you look into the services here at ICS to get the most out of your new or longstanding construction profession.
For contractors registered under the Construction Industry Scheme (CIS), our CIS payroll services enable you to benefit from same day payments straight into your bank account (minus relevant deductions) whenever we receive the payment from your client, with all of your administration and invoicing completed by our expert team. To find out more about our CIS Service, email email@example.com or call the team on 0800 195 3750.