London’s construction industry saw that its growth had been held back in 2018’s last quarter. The delays are thought to be due to skills shortages and uncertainty due to Brexit.
Results from a recent survey carried out by the Federation of Master Builders showed that the capital’s construction workloads as far as SME’s are concerned were positive in 2018’s last quarter. However, the rate that they grew at was slower than 2018’s third quarter.
Other results showed that:
- A fifth of construction SME’s had to stall their projects due to construction loan delays or refusals from banks.
- Bricklayers were no longer the trade that had the shortest supply. Carpenters had the shortest supply with as much as two-thirds of companies having difficulty hiring those with much-needed skills.
- Hopes for the future were weak for the third quarter in a row with one-third of SME’s looking to have a higher workload in 2019’s first quarter. This is a slight fall from 2018’s final quarter.
- Almost nine out of ten builders thought that prices of materials would rise within the first half of the year. This was up just 1% on 2018’s third quarter.
- Two-thirds of companies thought that salaries and wages would increase over the first half of the year. This was up from just over half of companies in 2018’s last quarter.