Navigating a turbulent construction economy: Challenges and opportunities amidst uncertain times

An article by Rebecca Larkin - CPA's Head of Construction Research. 

It seems as though I’ve used the phrase ‘interesting times’ for a long time now. It sums up the constant uncertainty, deteriorating confidence and low visibility that have accompanied the EU Referendum, Brexit itself, the coronavirus pandemic, Russia’s invasion of Ukraine and most recently, a period of historically high inflation.

It has obviously been an unprecedented and volatile few years for the economy during and post-pandemic, and it seems strange that even with today’s levels of uncertainty, it registers as a position of relative stability.

Nevertheless, it’s a stability that is characterised by low quarterly rates of GDP growth that have been hovering around zero since the beginning of 2022, and the economy is yet to return to its pre-pandemic size.

Although at only 0.2% below where it was in the fourth quarter of 2019, it hasn’t got far to go. This current weakness has inevitably raised the spectre of recession, but it has been inflation reaching its highest rate for 40 years that has dominated the headlines over the period.

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