Construction boom expected in 2021
Construction output is forecast to rise by 14% this year, experts say.
The Construction Products Association now believe the industry will see a ‘W’-shaped recession and recovery, as reported in Construction Enquirer.
The CPA’s latest scenarios take into account the current lockdown and are a downgrade on last summer’s numbers when an 18% increase was predicted this year before the second COVID-19 wave hit.
The 14.0% rise in 2021 follows an estimated contraction of 14.3% overall last year caused by the sharp fall during the first lockdown.
Output is now only expected to recover to pre-COVID levels in 2022 and “there is also the risk that once the furlough and self-employment support schemes end in April, there may be a sharp rise in unemployment that could potentially dampen this recovery.”