The latest Construction Sector Report by our colleagues at MHA shows a stark divide in today’s Construction sector, between those who were able to capitalise on the opportunities presented by COVID-19, and those who struggled to finance their way through lock down.
To compile the report, the national Construction team at MHA benchmarked construction businesses across the UK to paint a national picture of the sector entering lockdown in March. It also revealed the results of the survey taken this summer to gauge the response of businesses currently responding to COVID-19. Finally, the Report highlights any regional projects or significant issues that may shape local responses.
Key findings
- The industry entered 2020 with strong balance sheets, increased turnover (8.3%) and low debt risk. The largest businesses saw the greatest increase in revenue from the previous year.
- Employment across the sector grew by 3.6%.
- The industry is evenly split between businesses with a substantial or critical impact due to COVID-19 (54%), and those with little to no impact (46%).
- More than half of those surveyed said infrastructure spending should be the Government’s top priority for the sector.
- Nearly 4 out of 5 respondents said the single biggest factor holding back growth was economic uncertainty.