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The official findings of the Office of National Statistics, are that construction experienced an r-shaped rebound in output from the pandemic. This was assisted by the industry’s major effort to return to work after the first shutdown. Output rebounded 12.7% in 2021, and latest figures show that construction activity has overtaken pre-pandemic levels. Indications are that despite inflationary pressures, this growth trend will continue, perhaps though at lower rates. Total order levels near the end of 2021, jumped to 9.2% higher than in the previous three months.
The most recent data shows construction inflation at 6.2%, although timber, concrete and steel exceed the all-industry rate. The highest price inflation rate of all the industry sectors, was visited on new housing. Group chief executive at procurement body Scape, Mark Robinson, said: “December was characteristic of a year in which the construction industry largely overcame the odds; particularly in relation to rising Omicron cases, labour and material shortages.
“But, with the final Covid restrictions set to be lifted soon, concerns around rapid and sustained inflation – furthered by soaring energy costs – have no doubt taken its place and look likely to pose a sustained threat to growth prospects in 2022. “Mitigating the impact of these inflationary pressures will require extensive, ongoing dialogue and collaboration between clients, contractors and their supply chains – qualities that frameworks aspiring to the ‘gold standard’ must embed.
He added: “Crucially, it’s important that payments are prompt and that any increased cost burden continues to be shared, rather than passed on to the supply chain. These firms are most vulnerable to cashflow challenges, but critical to the delivery of projects.”
It’s been a challenging time for many with issues including supply, materials and costs. Rhinos Plant Hire have machinery, tools and equipment available for projects throughout London, Essex and farther afield. Hiring your heavy plant machinery can often be more cost effective than purchasing.