Construction regions
Construction Outlook: July 2023
The outlook for construction is very much tied to the path of interest rates, which have risen steeply since early 2022. Such are the lag effects of monetary policy that we are yet to fully see the economic impact of 5% or so base rates. We thus expect the economy to slip into recession over … Read More
Construction Regions: Spring 2023
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 2023 – 2025. Some highlights of the report: • Over the years … Read More
Construction Outlook: April 2023
As we move through 2023 it is becoming clear that inflation is proving more stubborn than expected by the Bank of England, and that base rates will have to stay higher, and for longer than most would like. For construction, the fallout from higher base rates (together with restricted public sector investment) is a forecast … Read More
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