The UK construction industry is reliant on the commercial property market picking up the slack created by reduced public spending, it is claimed.
The UK
commercial development market is the key to the future of the construction industry, it has been claimed.
As sweeping cuts take place in the public sector, which makes up around 40 per cent of the workloads for construction firms, private
property investment companies will be needed to pick up the slack in the industry, according to Construction News' business editor Nick Whitten.
Mr Whitten's comments come in light of the new survey produced by the Royal Institution of Chartered Surveyors (Rics).
Rics found that five per cent more of its members had reported a rise rather than a fall in workloads in the first quarter of 2010, the first positive result in two years.
"The commercial sector has been really depressed throughout the entire recession but […] there is some slight movement there in the commercial sector on the Rics workload survey, which is really good news," he said.
Posted by Lisa Fear.
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