Construction Industry Leads the Way Towards Economic Recovery

Despite the pandemic, December 2020 was the busiest and best period for the construction industry as it was the fourth consecutive month that self-employed contractors earnings have increased.  The best performing regions were the North West (up 9.1%), the South East (up 4.1%) and the North East (up 2.6%).  Unfortunately the West Midlands saw a decrease in earnings, down 6.3% month on month.

In addition, latest construction output figures for November 2020 show the industry has rebounded in a near V-shaped recovery from the pandemic, led by infrastructure projects with commercial lagging behind.  The figures show that new work activity in November jumped 3.5%, more than offsetting a 0.6% fall in repair and maintenance.  Overall this saw a 1.9% rise in month-on-month all work taking construction 0.6% above the February pre-pandemic level of output.

The construction industry is often seen as a measure of the UK’s economy, so these latest figures are very positive.  Clearly the ability for sites to remain open and projects to continue safely despite lockdown has been invaluable, not only to the economy but also to the many self-employed people who may have otherwise found themselves without any income during this time.

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