The UK’s construction industry will be one of the first recipients of a well-timed investment boost. The UK Government’s Modern Industrial strategy has a multi-million pound fund available, up to £250 million of which has been allocated to the UK’s construction industry.
The investment is very welcome for an industry that is in dire need of modernisation and could still lose many skilled workers thanks to Brexit. All this, while needing to build ever more residential homes in a bid to end the UK’s housing crisis.
“The UK’s residential housing market will certainly benefit from this overseas investment into the construction industry,” said Central London estate agent, LDG. “But, more than that, the UK economy will benefit too and following the downgraded economic forecast from the OBR in November, that’s a very welcome boost, indeed.
A modern approach
The Industrial strategy comes at a time when the UK is facing multiple headwinds:
• Potentially slowing economy.
• The possible loss of skilled workers.
• Political instability.
But, by unveiling a fund, that’s been backed by overseas, private sector investment, the Government is likely hoping it can show its up to the challenge of supporting the UK economy amid that likely turbulence.
The way in which this boost will support the UK’s construction sector, is by investing in training and also technology. By giving the UK’s construction sector a much-needed boost, one that will also filter through to the broader economy, it shows the Government is attempting to encourage some much-needed investment into the country.
“Investment in the UK’s construction sector is a much-needed requirement right now, so the timing of the industry strategy couldn’t be better,” said Plaza Estates.
Construction is central
The five points the industry strategy is targeting are:
• Ideas and innovation.
• Better jobs and earning power for all.
• A major infrastructure upgrade.
• Making the UK the best place to begin and grow a business.
• More prosperous places for people to live.
And, the construction industry has a place in all five of those. That’s likely one major reason it is one of the industries that’s won financial support from the program. In order to build the homes, building and infrastructure the UK needs right now, the construction sector has a lot of work to do.
With investment in the right areas, then it’s more likely that construction can meet the demands already on it, along with the ones that will emerge over the coming years.
In addition, the UK construction sector is already a £370 million industry per year for the economy mentioned You Choose Windows. The right investment decisions could increase its earnings potential. Not just for economic growth but also for younger people looking to gain the best training and qualifications, along with a comfortable lifestyle, supported by a good job with appropriate earnings.
“The UK’s industry strategy investment into the construction sector shows the Government is thinking of a variety of ways to provide the investment and support required to help give the country what it needs in a way that will benefit many different industries,” said Proskips.