Prospects of recovery rocked by worsening conditions for small builders, says FMB

Prospects of recovery rocked by worsening conditions for small builders, says the Federation of Master Builders (FMB), in response to recent PMI construction data.

With residential construction performing at it’s worst rate since the pandemic began, local building firms are continuing to suffer at the hands of price inflation, falling consumer optimism and skills shortages, say the FMB in response to recent PMI construction data.

Brian Berry, Chief Executive of the FMB, said:

“With output and optimism hitting lows we last saw at the start of the pandemic, it’s a worrying time for small building firms.

“Hardworking local builders have been beset by challenges and at a time when they rightly hoped for recovery, things look set to get worse, with inflation on the rise alongside a likely decline in consumer demand for building services as the cost of living crisis bites.”

Berry continued:

“If the market continues to stagnate, many of these local building firms will face difficulty remaining solvent. The Government must set out a credible plan for keeping the small building firms afloat.

“The upcoming planning reforms must make it easier for small housing developers, and reverse their decades of decline.

“The Government should also bring forward a long-term National Retrofit Strategy to decarbonise the nation’s homes, which would create a stable workstream for local builders whilst also moving the UK closer to net zero.”

Kindly shared by Federation of Master Builders (FMB)

Main article photo courtesy of Pixabay