The Budget 2023 | What Does It Mean For The Construction Industry?

Subscribe for regular updates.

 

While I certainly (and regrettably) do not hold the abilities of the late Mystic Meg, our industry outlook, which we posted last year, has appeared to hold true in these blustery early months of 2023.

Earlier this month, City analysts reported that construction activity had beaten investor expectations, rising to their highest level since May 2022. With global recession fears fading, and those loathsome double-digit inflation figures said to relent, it’s time again to recognise and celebrate the buoyancy and resilience of our industry.

Of course, it would be remiss of me to ignore the key fiscal event of the year, which took place yesterday.

Following Mr Hunt’s unshackling of that most infamous of briefcases, I was keen to (attempt to) digest what was on offer for our industry. Despite lacking an outright nod to construction, the focus on the Government’s flagship ‘levelling up‘ scheme, of which the regeneration of our towns is firmly at the heart of the policy, was noteworthy, and goes someway to underline the commitment to infrastructure and housing projects throughout the nation.

Moreover, landmark devolution deals in areas such as Greater Manchester and the West Midlands have seemingly garnered enthusiastic support across the board, with deals essentially granting regional Mayors more power over their local funding. The Labour Mayor of Greater Manchester, Andy Burnham, recognises this as a ‘very big moment‘.

Furthermore, despite our age-old industry, one must recognise that agility and advancement are a must, and from a personal perspective, I believe that funding and nurturing technology will be of immeasurable benefit to the wider construction sector, with all our varied disciplines, which is why I was particularly encouraged to read of Mr Hunt’s desire to foster our AI and tech sector. Looking at the announcement from a construction perspective, I firmly believe that the possibility of pairing the many brilliant minds of our industry with the wizardry (and funding of) innovation, will play a pivotal and transformational role in our sector in the decades ahead.

However, even the most optimistic amongst us (your truly!) cannot afford to be blinkered, and must recognise there are challenges abound within the sector, from skill and labour shortages to the (albeit steadying) material cost, we must be careful to navigate these challenges and ensure our industry continues to thrive in an uncertain world.

 

 

This article, as with all other articles we produce, is for guidance purposes only. It does not constitute formal advice and should not be relied upon as such. For bespoke, unbiased advice relating to your commercial roofing project please contact us and we would be pleased to assist.

More inspiration.

Get in touch with us.

Contact with the team today and we’ll help you find the best solution for your project.