As the Chancellor announced her Spring Statement this week, the Federation of Master Builders (FMB) said that figures from the Office of Budgetary Responsibility (OBR) showed the invaluable role builders will have to play in growing the UK economy.
However, the FMB added that it’s all down to delivery with housing numbers still low and construction workforce numbers in short supply.
Brian Berry, chief executive of the FMB, said: “Rachel Reeves has tasked builders with delivering economic growth according to today’s Spring Statement. This week’s injection of funding to train 60,000 new construction workers is welcome, but the Construction Industry Training Board (CITB) estimate we will need 250,000 more construction workers by 2028 to even get close to the government’s targets. The numbers of workers don’t go far enough and the announcement of 1.3m new homes by the end of this Parliament, seems to be a clear indication the original target was a step too far.
“The chancellor pointed to OBR figures showing that house building stands to add 0.2% to the UK economy by 2029 to 2030, worth an additional £6.8bn, with that rising 0.4% by 2035 worth £15.1bn to the UK economy. Builders have an essential role to play in kickstarting the UK economy, and today’s figures demonstrate the immense potential of the industry. Now, more than ever, we need to see the government support the nation’s SME house builders, so that homes can be delivered by a healthy market, and not just a few companies at the top of the tree.”
