In what will be welcomed news by the government the construction industry has at last started to pick up and is now growing at it’s fastest rate since 2003. The construction industry has seen a slump in recent years as the recession took hold and no new homes were built. It is not just residential properties that are now being built but there has also seen a pick up in commercial properties being built and civil engineering. This is all good news for George Osborne who will say this is more evidence that his policies are working and that we are moving forward at last.
The Chancellor will be glad to see the construction industry showing signs of strong growth as it accounts for around 6% of the UK economy. The resurgence has been put down to confidence returning to the residential and commercial property sector with developers able to borrow at favourable rates as and a big upturn in the number of buyers looking to get onto the housing ladder. With 2014 looking to be a very good year for the housing market developers are snapping up sites and are hoping to cash in. The number of buyers looking for a home is now approaching record levels with buyers looking to get on the ladder before the government withdraws the Help To Buy Scheme.