UK Construction Monitor Q2 2023

ongoing

The Royal Institution of Chartered Surveyors (RICS) UK Construction Monitor Q2 2023 portrays a mixed picture when it comes to industry trends. The headline construction workload reading tilted downward a touch to -1% from +3% in the previous quarter, remaining a very flat figure. Despite the headline flat picture, there are significantly divergent trends at the sector level. Infrastructure remains the strongest growth area for the industry, showing a clearly positive +17% reading this quarter. Many respondents voice their concerns about the ongoing broader economic challenges and money-tightening policies of the Bank of England negatively impacting the industry. Credit conditions appeared to worsen over the past quarter with a reading of -42%. Skills and labour shortages continue to hamper activity. Despite these elements holding back activity, the construction sector remains moderately positive about the future.