The latest Market Report from construction consultancy Gleeds suggests the government is failing to instil widespread optimism amongst construction professionals, as fewer than half of those quizzed said they feel positive about the future of the sector.
The figure shows a drop in confidence when compared to the 70% who believed that the industry was a priority for the Labour party when it was elected last year. In its manifesto, Labour pledged to ‘get Britain building again’ but progress has been slow, and a lack of clear direction has left many feeling frustrated, Gleeds reports.
Interest rates and inflation remain the biggest perceived threat to growth, closely followed by supply chain capacity, investor confidence, and the impact of continuing global unrest. As insolvency figures begin to dip, however, the report found that just 15% of those questioned had been involved with a project impacted by company collapse over the quarter, despite the industry continuing to experience the highest number of businesses going bust in the year to July, making up around 17% of all cases.
Meanwhile 45% reported that they or a member of their supply chain had refused a tender in the previous three months, down from 80% this time last year. When asked about proposed legislation bann