UK construction forges ahead

Keywords: Construction industry, United Kingdom

UK construction began 2005 on the front foot with its strongest profit expectations in five years, according to a RICS construction market survey. This is despite interest rate hikes and the rising price of steel and oil, which are driving up costs in the industry. Sharply rising commercial property values are underpinning industry confidence, which is at its highest level since the survey began. Sheer volume of work is keeping growth in construction activity at double the long-run average.