Possible recovery on the horizon for construction industry amid coronavirus (COVID-19)

Possible recovery on the horizon for construction industry amid coronavirus (COVID-19)

The Association for Consultancy and Engineering has announced that the construction industry is beginning to ‘chart its way towards recovery’ amid the ongoing coronavirus (COVID-19) pandemic. This is based on the latest quarterly market forecast from Arcadis, called ‘Winter 2021 Market View—The end of the beginning’.

According to the forecast: ‘Although GDP fell by 2.6% in November, construction has continued its recovery, with levels of activity in November 2020 at last returning to pre-pandemic levels. With the roll-out of a vaccination programme and a final Brexit deal giving some measure of clarity, Arcadis claim there is increasing evidence that conditions are improving, and inflationary growth is returning as the pressure to secure short-term work looks set to gradually ease.’

Arcadis does note, however, that the pandemic has led to a shortage of materials and components as a result of disruption in global supply chains, which ‘is likely to filter into project costs and may potentially result in the need to reschedule works during the first half of 2021’.

Source: RECOVERY ON THE HORIZON, SAYS ARCADIS

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