Ten more years of pain
Published: 17 January, 2013
The construction industry is likely to face 'ten more years of pain', warns CITB ConstructionSkills in its annual skills forecast.
The ConstructionSkills Network report says that the prospects for the industry over the next five years are as discouraging as the last five years, which it called 'one of its most difficult periods since the Second World War'. It said that the industry would only grow at an average of 0.8% over the period and would not match its 2007 output peak until 2022.
Judy Lowe, deputy chair, ConstructionSkills says: "Construction found itself at the heart of a 'perfect storm' in 2012 - worryingly the outlook doesn't look much better. By 2017, construction output will still be 12% down on its 2007 peak, and employment 17% down on its peak in 2008.
"Indeed, we don't anticipate the industry returning to its former levels until 2022."
The research was based on two sets of interviews with 700 firms and industry bodies carried out by Experian.