With Brexit uncertainty continuing to weigh on the construction industry, Prime Minister Boris Johnson needs to take action to remedy the issues facing the sector, Phil Harris, director at BLP Insurance has warned. Construction PMI figures showed building activity fell at the second-fastest rate since April 2009, only narrowly outpaced by June’s decline.
Building activity in Q3 2019 fell at the second-fastest rate since April 2009, as the UK construction sector remains stuck in a downturn, according to the latest Construction PMI figures. According to Construction PMI figures, a historically steep drop in new orders was also registered, while firms scaled back employment at the fastest rate since the end of 2010 due to unfavourable demand, client hesitancy and low confidence.
"With traditional elements of the British manufacturing sector exhibiting stark signs of decline, it’s time for the industry to adapt and further diversify, placing more emphasis on contemporary manufacturing activity, such as the burgeoning offsite construction market. As measured by the CIPS Purchasing Manager Index (PMI), the UK manufacturing sector has languished in recession for the past three out of the last four months" writes Jeff Maxted, BLP Insurance
Following the release of today’s Construction PMI figures, Phil Harris, Director at BLP Insurance, comments on the sector: “With figures showing little forward momentum after a fifth consecutive month of industry contraction, the Brexit squeeze continues to take its toll. The summer malaise has endured into the autumn as major projects continue to be hit by delayed starts, refinancing and tweaks in planning. After an injection of infrastructural promises following the change of government, inertia has crept back in and progress is back on ice."
Over half of residential property owners in the UK would consider living permanently in an unconventional type of home such as a boat, tree house, converted barn or warehouse to have a more creative and interesting home life and escape the pressures of modern life according to a recent survey from BLP Insurance, a specialist residential warranty and commercial latent defects insurer.
The mood music was all about 'can do' attitude last week as the new Prime Minister, Boris Johnson burst on to the scene with ambitious pledges to increase long-desired public spending, signalling plans to plough ahead and 'get on with things' in spite of the Brexit-shaped elephant in the room.