Apparently, the confidence of small businesses within the construction industry is on the rise! This is after 75% of subcontractors have planned that in the next few months, they will invest in their business.
According to a report from Bibby Financial Services, confidence is on the rise after the uncertainty of Britain leaving the EU. In the survey of one thousand British business owners, it was found that half of small and medium construction companies are expecting that their volume of work will also increase.
Not only that, but these businesses are also looking to invest. On average, 75% of firms plan to invest around £10,000 between April and July. This is in order to fund money into areas such as recruitment, machinery and staff training.
42% percent of subcontractors also felt that Brexit wouldn’t have any impact on their business at all. However, they did have concerns regarding the ability to find, and keep, high-quality workers.
The managing director for Bibby Financial Services stated: “there was a collective confidence wobble amongst construction firms after the referendum last year.”
“However, we are now seeing a step-change in attitudes amongst smaller construction businesses, with more firms looking to invest and grow.”
“Work volumes are also rising, which is a positive indicator, particularly in light of wider economic uncertainty surrounding the UK’s separation from the EU.”
“It’s encouraging to see construction businesses investing in people and machinery as such activity has a positive multiplier effect on supply chains throughout the entire country.”
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