UK construction to rebound in 2013

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The UK’s construction industry is likely to see an improvement in its fortunes this year, according to the Royal Institution of Chartered Surveyors (RICS).

The organisation quotes feedback from surveyors who are forecasting that output in the British construction industry will finally return to growth after a “challenging” 2012.

“After a truly dreadful year, if one believes the official data, there are signs that 2013 will bring some better news for the construction sector,” said Simon Rubinsohn, RICS’ chief economist.

“Most notably, the numerous measures that the government has introduced with a focus on infrastructure appear to be bearing some fruit.

“Critically, competitive pressures in the sector remain intense which is continuing to erode profit margins. And for the time being financing constraints are still an issue although the Funding for Lending Scheme should gradually help to ease this challenge.”