After riding out the first national lockdown caused by the pandemic, construction firms faced new uncertainties. Although the sector showed resilience and is deemed central to this Government’s economic recovery plan, the perfect storm of uncertain long-term pipelines, supply chain disruption and uncertainty caused by a lack of clarity on trade with the EU from 1 January have resulted in headwinds for the sector.
Business models that used to work well have encountered challenges as shareholder pressures, shifting consumer priorities and increasing international competition lead to new tensions.
In an uncertain world, vigilance is key. The sector must be ready for challenges or face decline. To remain fit for the future, businesses need to innovate, streamline processes, harness technology and attract skilled workers. Strategies must adapt.
The construction sector must continually innovate to meet the changing needs and priorities of consumers. This is essential, especially against an economic backdrop of supply chain issues, difficulties in attracting and retaining labour, and skill shortages.
However, the sector is resilient and uniquely placed to shape the world of the future. Through the use of new technology and data-driven solutions, it will future-proof itself and our built environment.
The new IR35 off payroll reforms could lead to big changes in employment tax liability, read more to find out what steps to take.
Construction businesses importing materials from the EU post-Brexit have seen significant disruption. Find out how to prioritise supply chain management.
Changes to UK financial and governance reporting are coming to rebuild public confidence in business. Read on to find out the proposed changes.
RSM has conducted research into mental health and wellbeing in the construction industry. Read on to find out the current situation, challenges faced and ways to improve.
