Construction Sector Boomed by 18% Last Year
13 February 2023
THE cost-of-living crisis seems to be on everybody’s mind and rightfully so, but it’s not all doom and gloom, some sectors are still seeing fantastic growth despite the issues being faced by many other sectors. The UK construction sector is one of the few prospering sectors and it seems that it’s only going to get better and better.
The construction industry has consistently seen growth for the last 10 years, and an analysis by the peer-to-peer real estate investment platform, Easy Money, shown that the UK construction sector is by far the largest in Europe and expected to grow by another 3.9% this year.
This is all fantastic news considering the substantial loss that was seen during COVID 19. The construction industry retracted by -3.8% between 2019 and 2020 and a further -21% between 2020 and 2021.
However, this is all changing as the industry begins to bounce back with its 18.2 increase between 2021 and 2022, taking it to its current size of 97.6 billion. With shifts like this, we can expect the industry to return to the trajectory it had pre-pandemic.
To put in perspective how strong our current Construction sector is, the second-place country, Germany, has an estimated size of £56.6 Billion. With the UK set to pass the 100 billion mark this year, that puts our construction industry at almost double the size of Germany’s.
What can you do to take advantage of this growth? Using the right tools could help your company to be one of the ones that gets to enjoy the joys of this continuous growth.
With such a large sector, it takes the right tools and services to handle the sheer volume of projects and contracts on-going throughout the country. Companies such as our team here at PAL Hire offer you the chance to outsource your equipment hiring process. This means you can speed up one of the more time-consuming aspects of any contract. Have the equipment you need for the job, at the best possible price, exactly when you need it! With PAL Hire, we handle it all for you. Just tell us what you need, when you need it, and we can make it happen.
Services like this are the reason our construction industry is one of the largest in Europe and one of the reasons we continue to grow every year. For reliable cost saving options, access to the largest network of hire depots, and a fantastic support team, call PAL Hire today!