From the roads we travel on to the homes that we live in, the construction sector is certainly one that affects everybody in the UK. The construction industry is a pivotal sector. It is also an industry that is a chief enabler of growth right across the economy. It contributes approximately £90 billion to the economy each year and employs roughly ten percent of the workforce in the country.
The make-up of the sector
There are of course many different sectors of the construction industry. The commercial building industry consists of 10,756 businesses, which employ more than 73,000 people. This industry has a projected annual growth rate of 2.7 percent and a current revenue of £17 billion. This is impressive considering the challenges the sector faced as of late. Retailers cut back on expansion plans, cuts to the funding of institutional buildings occurred as a result of the fiscal austerity measures put in place by the government and private investment in commercial premises slumped as well. Nevertheless, despite all of this, the industry has taken steps forward.
On the other hand, the residential building industry is predicted to have a slow annual growth of 0.8 percent. There are fewer businesses operating in this sector, 28,254 to be precise, with over 246,000 people employed. Revenue generated is £52 billion.
The road and motorway construction sector is one showing great positivity, with growth expected at a compound annual rate of 4.5 percent. Such positivity is also reflected in the sector for railway and underground railway construction, which is expected to grow at an annual rate of 2.1 percent until 2020, with a yearly rate of 5.1 percent in terms of the value this industry is adding to the economy.
This merely scratches the surface of the construction sector companies are competing in, with other notable industries including demolition, cement manufacturing, concrete construction, construction equipment rental and leasing, stone quarrying, tipper hire, and more. Competition is clearly fierce, as there are many different companies operating in the industry and this is, of course, a sector that will always be vital to the UK economy.
Succeeding in the world of construction
Despite fluctuations in demand, construction services will of course always be needed, and as you can tell by the make-up of the industry there is certainly a lot of competition. One of the key qualities all companies need to have if they are to excel is trust. This is arguably the most important component. Would you let just anyone build your house? Would you feel safe driving on a road if any old company constructed it? It is unlikely. This is why you must make potential customers feel confident in the service you provide. Everything from your logo design, to your website, to your business documentation needs to portray a strong business image that leaves the customer in no doubt that your service is of a superior quality.
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