Construction sector to accelerate this year

UK constructionIt is believed that the UK's construction sector is expected to record strong output rise this year following strongest workloads balance for the fourth quarter of 2013.

The Royal Institution of Chartered Surveyors have said that construction sector is rising strongly but the firms in the sector are facing a lack of skills and materials as demand increases across the country. The RICS report showed that workloads balance increased to +38 in the fourth quarter of the previous year, which is highest level since records began in the second quarter of 1994.

The workloads balance was recorded at the level of +31 in the third quarter of 2013. The figure is calculated by subtracting the number of respondents who said that the workload fell from the number of firms that said that the workload has increased. The report showed that the workloads expectations balance for the next 12 months rose to a fresh record high of +74 from +71 in the third quarter.

Alan Muse, RICS director of built environment said, "With the economy having turned a corner in recent months, it would seem that the construction industry has followed suit and activity is up right across the country. More homes are being built, infrastructure is being upgraded and each part of the U. K. is benefiting from this more positive picture."