Scotland’s construction experienced remarkable growth in 4Q14, according to the Scottish Chambers of Commerce’s Quarterly Business Survey, which engages with five of the country’s key sectors: construction, financial and business services, manufacturing, retail and wholesale, and tourism. The findings are released in collaboration with the University of Strathclyde’s Fraser of Allander Institute.
“Strong performance from 2014 has helped Scottish businesses get off to a great start in 2015,” said Liz Cameron, Director and Chief Executive of Scottish Chambers of Commerce. “With investment levels high across all sectors, there is much to look forward to as businesses seek to continue this impressive growth.”
“Scotland’s year in the spotlight added a spring to our step but strong performances have not been limited to the tourism industry. Construction, in particular, has experienced remarkable growth, with investment levels at a ten-year high and outperforming other sectors in this quarter. With positive balances in contract orders and investment, many construction firms are increasing wages, with average wage increases higher than inflation, at 5.5%.”
According to the survey, construction work in progress during the quarter was higher than at any other time since 2007, and new orders in some instances outperformed pre-recession levels. The net % balance of firms that reported an increase in housebuilding orders was higher in 4Q14 than at any other time in the past 10 years. These positive trends are expected to continue with over half of businesses (55.6%) expecting to increase overall sales revenue in 1Q15.
Read the Scottish Chambers of Commerce’s Quarterly Business Survey in full here.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.worldcement.com/europe-cis/16012015/scottish-construction-activity-on-the-up-150/