Construction regions
Construction Outlook: January 2023
After rising by an estimated 6.5% in 2022, we expect total construction output to decline by 6.3% in 2023, and 4.7% in 2024. Meanwhile, the economy is forecast to contract by 2.5% in 2023. Higher interest rates are not, in our view, a temporary shock to the system from which they will adjust back to … Read More
Construction Outlook: October 2022
After rising by an estimated 3% in 2022, we expect total construction output to decline by around 5% in 2023, and by 2% in 2024. Meanwhile, the economy is forecast to contract by 2.5% in 2023, and broadly stabilise in 2024. Prior to September 2022 the outlook was rather dull, with inflation serving to raise … Read More
Construction Outlook: July 2022
After rising by almost 13% in 2021, we expect total construction output growth to drop below 1% in 2022, while for 2023 we expect a decline of around 3% in the volume of work. Near stability is forecast for 2024. In all we expect a protracted period of weakness – a recession, although not a … Read More
Construction Regions: May 2022
Hewes & Associates’ latest regional construction forecast provides new work output forecasts (public & private housing, infrastructure, public non-housing, industrial, commercial) and repair & maintenance output forecasts (housing, public non-housing, private non-housing, infrastructure) for all 11 regions of Great Britain, covering the years 2022 – 2024. Some highlights of the report: All GB regions experienced … Read More
Construction Outlook: April 2022
The economic recovery following Covid now faces extreme challenge via the war in Ukraine. This is serving to render the inflationary and supply chain problems witnessed over late 2021 worse, and it now seems that the UK economy will experience weak growth at best to 2024. The current trajectory of inflation implies further increases in … Read More
Construction Outlook: October 2021
The UK economy has staged a reasonably robust recovery from Covid lockdowns, although inflation, supply chain issue, and goods and labour shortages show that lockdowns come with lingering economic consequences. Implementing Covid lockdowns and restrictions was a relatively easy process; dealing with the after-effects will likely be a far from easy process. After declining by … Read More
Construction Outlook: July 2021
As the UK economy emerges from Covid restrictions, with retail and other businesses opening up, the hope is that a return to normality will ensue over late summer/early autumn. Less positively, emerging Covid strains, continued restrictions on international travel, and the prospect of constraints lingering or being re-imposed, somewhat dampens the outlook. After declining by … Read More
Construction Outlook: April 2021
The UK economy contracted by almost 10% in 2020, and the construction industry by 14%. The volume of construction orders fell by 13%. Meanwhile, despite growth over the final half of 2020, the economy was, in early 2021, 8% below that a year earlier when viewing monthly data. As the UK economy emerges from its … Read More
Construction Outlook: January 2021
The UK economy is estimated to have contracted by 11-12% in 2020. Although most sectors of the economy rebounded strongly following the end of the first lockdown, the imposition of new restrictions from October 2020, followed by more lockdowns, resulted in a weak end to 2020, and an uncertain start to 2021 – for the … Read More
CONSTRUCTION OUTLOOK: OCTOBER 2020
With the majority of 2020 behind us, it appears the UK economy will suffer a contraction of close to 10% this year. While most sectors of the economy rebounded strongly following the end of lockdown, the imposition of new restrictions, and local lockdowns, implies restrained economic conditions over late 2020 and into 2021. Assuming certain … Read More