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Survey paints positive picture for Britain's construction sector

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Survey paints positive picture for Britain's construction sector

Britain's construction sector may have struggled in recent years, but the latest quarterly survey from the Royal Institution of Chartered Surveyors (RICS) has painted a positive picture for 2013.

As the results of the study show, the number of surveyors who expect growth in the industry's output in the coming months increased by 15 per cent in the previous quarter.

According to reports, the reason for this improved sense of optimism is likely to be a result of the small growth in reported workloads that the construction sector witnessed in the final three months of 2012.

With the biggest gains seen in infrastructure projects and private commercial development schemes, the news will also be welcomed by investors looking for opportunities to purchase new assets.

"If one believes the official data, there are signs that 2013 will bring some better news for the construction sector," said RICS chief economist Simon Rubinsohn.

"Most notably, the numerous measures that the government has introduced with a focus on infrastructure appear to be bearing some fruit.

"The Funding for Lending Scheme should gradually help to ease [the] challenge [presented by financing constraints]."

Given the competitive nature of property markets in urban areas - especially the availability of retail units and office space to let - an increase in construction output could bring a boost to various industries.

Indeed, with the study also revealing that London and the South East saw the most notable increase in workloads, the capital's economic hubs could soon become even more appealing to investors.

But with output in Northern Ireland and Scotland dropping by substantial margins, it seems there is still a long way to go before the sector witnesses a UK-wide recovery.

Yet considering the fresh sense of optimism among surveyors, there are promising signs that conditions are set to improve as Britain attempts to build on its emergence from the double-dip recession following several years of economic downturn since the onset of the financial crisis in 2007.


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