Long-term uncertainty holds back investment
A new forecast from the Construction Products Association (CPA) has revealed that, despite over £200bn of new work being set to commence in the next two years, the construction sector will likely see a slight drop in activity in 2020.
However, despite an overall decline for construction output, the CPA’s forecasts also show continued growth rates for the infrastructure sector, with major projects such as Crossrail, HS2, Hinkley Point C and Thames Tideway driving activity.
CPA’s Economics Director, Noble Francis, said: “Construction activity has tailed off since last Summer with persistent rain affecting external construction. The main issue, however, was uncertainty, which hindered decision making, the signing of new contracts and new project starts on site.”