Good news for the construction industry in UK. After seeing a major downturn from the pandemic induced lockdown, the country is witnessing remarkable growth in the sector.
Just a few months back, Chandni Vora, the Chief Operating Officer at Vascroft Contractors Ltd, UK, was skeptical about the future. She stated although there were no restrictions imposed on the industry, it is their duty to look for the well-being of the workers. They had to close down all the major construction sites and wait for the future to unfold in the right direction.
Eliot Kerr, the economist at IHS Markit, quashed all the rumors that the industry has hit rock-bottom in the latest updates. Instead, he stated that there had been a significant increase in activities in both the commercial and the housing sectors. The industry also hugely benefited from the stamp duty holiday. It was for the homes that were purchased for 500,000 Pounds or more.
How did the industry maintain the momentum?
The industry-focused on all the aspects- political, economic, social, technological, legal, and environmental that could affect the industry.
The political was the crucial one with the confusion surrounding Brexit, Great Britain’s exit from the European Union. It could have a crucial effect on the industry, subsequently.
The climatic changes were the next in line, with countries paying heavy prices of rapid industrialization. Other factors, such as the dearth of skilled workers, were also looked into. 7% of the construction workers in the country are from the EU 27 nations and 3% from the non-EU countries. The COVID-19 crisis could hit the movement of these nationals and work safely in the country.
The fluctuation in the currency could also affect the purchase of the construction raw materials from outside countries, among others. But the game-changer here was the British Prime minister’s announcement. In June 2020, he stated the development of all the novel projects under the Project Speed Taskforce. As per the plan, he announces to invest 250bn sterling in these mega works. This kept the momentum.
How it maintained the quality of the work?
Industries need specialized processes and procedures to sustain in the market. And as these projects were some of the gigantic ones, planned coordination is required among all the workers. It could then help in the better execution of the project.
The industry went on to integrate a proper system to maintain transparency and access to the right information. This led to better recovery for the industry.