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Could Brexit Help Boost The Construction Industry?

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Some Positive News?

The construction industry is always in the limelight whether the country's skills shortage is the topic of discussion or whether it's the UK's housing shortage. Whatever the reason, the construction industry continues to receive more attention as Arcadis's head of market intelligence, Will Waller predicts a 'Brexit Bounce' as he states the UK's construction industry could see growth by 5% this year and in 2020.

This prediction, however, relies on Theresa May coming to an agreement with Brussels in hopes of securing a good deal for the country. His thinking stems from believing that returning certainty to the country after a successful withdrawal from the EU and not focusing on a no-deal situation could in fact boost the industry's output.

Here's what he had to say on the matter:

“[The leaving date of] 29th March won’t signal the end of Brexit but it should mark the point at which the industry can perhaps refocus on other things.

“Readiness is key. By now many organisations will have post-Brexit contingency plans in place and these should continue to be reviewed and honed.

“Working jointly and collaboratively as an industry is going to be the most effective means of managing risk and taking advantage of more positive economic signals as they emerge.”

Arcadis urged the domestic construction sector to “focus on building long-term resilience” while a deal with the EU “may allow some certainty to return to the market”.

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Great news!...

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This is tremendous news for current tradesmen as well as those undergoing construction training such as Electrical Courses, Gas Training Courses, Plumbing Courses and many more. Although a positive note and prediction for Brexit, Arcadis argue that firms within the sector need to engage more with supply chains, review procurement strategies contracts for Brexit-related risks, undertake due diligence, make contingency plans and be prepared for an increase in costs.

Brexit has caused the need to devise predictions for all markets within the UK and Arcadis anticipate inflation to increase to 3% between now and 2022. With sectors like the retail market becoming weaker in recent times, the residential and infrastructure sectors hold great potential for growth and we guess all we can do is wait and see the outcome!

Like we stated earlier this week, Brexit means a lot more than what is covered on prime time news. Electrical safety as we said before is one thing, but we're sure many more markets will have their 15 minutes of fame as we edge nearer to Brexit. Let us know what you think!