UK construction sector outlook improves

Confidence in Britain's construction sector has risen slightly, thanks to expectations of interest rate cuts. The Royal Institution of Chartered Surveyors (RICS) reported a more positive outlook for the year ahead, with its headline workloads measure increasing from 6% to 12%. While activity in the sector declined in the three months to December, the decline was less severe than in the previous three months. RICS noted a "clear divergence" between home-building, which contracted further, and infrastructure activity, which continued to grow. Despite lower mortgage rates, the housing market has been slow to recover from previous interest rate increases, RICS said. Although pressures around skills shortages persisted in the fourth quarter, RICS said survey respondents were anticipating a rise in employment in the next 12 months. 

Daily Mail (03/02/2023)