Beast from the East didn’t freeze construction industry growth, RICS survey shows
PUBLISHED: 15:26 19 April 2018 | UPDATED: 16:01 19 April 2018
The Beast from the East didn’t stifle growth in the East of England construction industry, a new study shows.
The Royal Institution of Chartered Surveyors (RICS) said construction workloads in the region are accelerating faster than the rest of the UK in almost all sectors.
Its latest construction and infrastructure market survey said a net balance of 37% more surveyors in the East reported an increase in their workload in the first three months of 2018.
And while 63% of respondents said bad weather conditions in February and March had been a limiting factor, it was not enough to slow the pace of growth.
Private housing reporting the strongest growth in workloads with 55% more contributors citing an increase rather than a decrease. The infrastructure sector was also steady, with a net balance of 35% more firms reporting a rise in activity.
Respondents from the region expected rail, road and energy to post the most significant increases over the next year.
Jeffrey Matsu, RICS senior economist, said: “While a short-lived snowstorm may have snarled logistical supply chains and site works at the end of February, it was not enough to negatively impact on workload order books. Indeed, several years of limited spare capacity have resulted in a backlog within the delivery pipeline which will take some time to unwind.”