During September, the construction industry was hit by material and labour shortages causing rapid cost inflation. The latest PMI index showed the construction industry falling to its slowest growth measurement in eight months.

The sector has been hindered by material shortages since last year, with prices rapidly increasing as a result of this.

Here’s a roundup of the stats:

• Key material costs were up by 23.5% higher than they were in August of 2020.
• More than 8 in 10 SMEs have had to delay work due to struggling to access to the materials needed to complete jobs.
• Results from the latest state of trade survey by the Federation of Master Builders (FMB), stated that 97% of builders are facing material price rises.
• 93% of respondents said they were expecting material prices to continue to rise.
• 82% of these respondents reported having to delay work in the third quarter of the year and a further 8% reporting having to cancel jobs due to difficulties with materials.
• 60% of survey respondents said they had to stop work due to the skills shortage within the construction industry, while an additional 12 per cent cancelled jobs due to the skills issues.

In addition, construction is hindered by skills shortages, vacancies hit a record high in September recording 43,000 posts unfilled across the UK.

If talent shortages are stopping you from growing your business, Buildout are on hand to help.

We specialise in talent attraction, recruitment, and retention of the top talent for the top SME construction companies.

Think we could be the support you need to continue to Buildout your business? Contact us on 0121 740 0745.