My comments below from: https://www.pwc.co.uk/press-room/press-releases/pwc-weekly-media-briefing-1-july-2021.html
The construction sector’s adaptability and resilience during the pandemic period has given it a strong foundation for growth. Lee Wilkinson, director in PwC’s construction team, explains:
- According to the UKEO, construction is among the few sectors to fully recover to pre-crisis levels. It recognises the sector’s adaptability to operating under lockdown restrictions alongside stronger demand for repair and maintenance as lockdowns posed an unique window for carrying out work with minimal disruption.
- The UKEO expects this positive growth to continue, with the majority of the sector output likely to come from new work next year as demand for larger properties increases post-pandemic.
- In the commercial sector we’ll see a growing demand for new and repurposed office space not only in major cities but in secondary locations as the workforce becomes more dispersed and coworking spaces are created further afield.
- Companies are increasingly aware that less office space may be needed in future years and what they do have must be more resilient – a space that promotes collaboration, wellbeing and a sense of purpose. Work is changing for many, because the last 16 months has shown it can. As a result, offices and workplaces need to adapt and the sector is gearing up to meet this shift.
- Continued growth in the residential sector -and specifically built-to-rent – is also driving significant demand across the sector. The built environment is a large contributor to the climate crisis and we predict a growing demand for new net zero buildings and to retrofit existing buildings.
“Many companies face the ultimate balancing act over the next few months.”