£11.27bn Investment In Construction ‘Could Kickstart The Economy’

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Burflex House, Clay Street, Hull, East Yorkshire, HU8 8HA E. info@burflex.co.uk

£11.27bn Investment In Construction ‘Could Kickstart The Economy’

£11.27bn Investment In Construction ‘Could Kickstart The Economy’

A blueprint for a safe return to construction has been produced by industry experts, saying that investing £11.27 billion in the industry, coupled with a set of recommendations to stimulate new home building, could kickstart the economic recovery and provide a £33 billion return.

Produced by construction expert Mike Leonard and regional economist Dr Steve McCabe from Birmingham City University, the document includes details on how to build essential infrastructure, as well as training a new generation of skilled workers – all of which should burfserve as a catalyst for growth.

Recommendations made in the Build Back Better: Covid-19 Economy Recovery Plan include a phased return to work that follows specific guidelines to ensure the protection of sites during the crisis.

It also includes giving encouragement to small housebuilders, addressing fuel poverty through direct intervention by local authorities, and offering long-term skilled employment opportunities to help kickstart inclusive economic growth.

Small to medium-sized enterprises are a particular focus for the blueprint, as they dominate the sector. It suggested that these businesses be fully engaged to build the infrastructure and homes the country needs.

Visiting professor of manufacturing and construction Mr Leonard, who also founded the Get Britain Building campaign, said: “History tells us that the construction industry is the tried and tested solution to drive economic recovery, not least due to the fact we manufacture the vast majority of building materials in the UK which provides resilience, skilled jobs and fast returns on investment.”

Other recommendations included in the document were 30,000 new social houses built annually for the next three years, which will address living standards, mobility and some of the shortfall.

And proposed building regulation changes should be delayed because of the exceptional circumstances the country finds itself in as a result of the pandemic.

Interestingly, despite these strange and uncertain circumstances, it seems that there are many industry professionals still confident and upbeat, even in the face of steep falls in activity across the sector.

The latest IHS Markit Construction Purchasing Managers Index revealed that 86 per cent of survey respondents saw a drop in business activity since March… but Caroline Gamble of the Chartered Institute of Building noted that those in the profession remain confident about advancing their careers, the ability to both get and keep jobs, and improving their financial situations.

On May 12th, the government unveiled its plans to restart the housing market, including allowing builders to have more flexible working hours for construction sites and staggering worker arrival times, which should ease pressure on public transport.

A gradual return to work is now being seen around England, with companies structuring the way they work to ensure the safety of both the workforce and members of the general public.

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