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Construction News
26/02/2009
Construction Workloads Continue To Weaken
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Construction workloads continued to fall sharply in the final three months of last year according to the Royal Institute of Chartered Surveyors (RICS) UK Construction Market Survey published today.
Total construction workloads declined for the third consecutive quarter with the net balance falling to the lowest level in the survey's history with 47% more Chartered Surveyors reporting a fall than a rise. Private housing workloads remained the weakest category with 66% more surveyors reporting a fall than a rise over the period.
Confidence in prospects for the next twelve months is also at its gloomiest with a record 45% of Chartered Surveyors expecting workloads to fall rather than rise.
RICS Chief Economist Simon Rubinsohn said: "The pressure on the construction sector shows no signs of abating at the moment. Indeed, if anything it appears to be intensifying as the weakness in the housing sector spreads to both commercial and industrial workloads. With profits being squeezed, significant job cuts are likely to result. The danger is that this will lead to a permanent loss of skilled labour which will leave the construction sector ill-equipped to play a meaningful role when the economy does begin to emerge from the current recession."
(CD/JM)
Total construction workloads declined for the third consecutive quarter with the net balance falling to the lowest level in the survey's history with 47% more Chartered Surveyors reporting a fall than a rise. Private housing workloads remained the weakest category with 66% more surveyors reporting a fall than a rise over the period.
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Confidence in prospects for the next twelve months is also at its gloomiest with a record 45% of Chartered Surveyors expecting workloads to fall rather than rise.
RICS Chief Economist Simon Rubinsohn said: "The pressure on the construction sector shows no signs of abating at the moment. Indeed, if anything it appears to be intensifying as the weakness in the housing sector spreads to both commercial and industrial workloads. With profits being squeezed, significant job cuts are likely to result. The danger is that this will lead to a permanent loss of skilled labour which will leave the construction sector ill-equipped to play a meaningful role when the economy does begin to emerge from the current recession."
(CD/JM)
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