In our summer report, we cautioned the need to buckle up. It has certainly been quite a ride and the resilience shown by the construction industry during the last quarter needs no introduction.
Endless possibilities lie ahead as Rishi Sunak enters no.10 — though many construction bodies question whether the change in political leadership will boost or threaten our industry. We remain optimistic that our new Prime Minister will provide economic stability and address the many short-term challenges we face in our ever-changing market.
Headwinds are still confronting the construction sector and overall, the market is difficult to predict. Soaring energy bills have reignited materials cost escalation for energy-intensive products following a slowdown of increases over the summer. Labour challenges also remain.
Although a recession looms over the industry, with signs of slowing within the market creeping in, there are opportunities for construction to play a crucial part in the transition to net zero carbon, levelling up the economy, improving economic security and boosting defence.
One thing that is for sure is that uncertainty reigns, and anything can happen.
Watch out for more surprises!