UK builders say the rising cost of materials will be their most significant challenge in 2023, according to a new report assessing the confidence of the industry.
The study, conducted by ElectricalDirect, a specialist retailer of electrical products, surveyed tradespeople about their views on the year ahead and found that, while there is a general acceptance that the landscape is difficult, some are cautiously optimistic.
20% of UK builders think their companies will have a good year in 2023, and 8% believe the industry will grow stronger over the coming months.
Furthermore, 20% of builders think they’ll be better off financially in 2023, and 23% are looking to expand and hire new staff.
However, with widespread societal issues, such as the cost of living crisis, affecting most UK households, some builders are naturally more wary about the next 12 months.
All the respondents acknowledged that there will be challenges, and top of the list is the rising cost of materials (46%).
The top five challenges for UK builders in 2023 are:
1) 46% - the rising cost of materials
2) 25% - getting hold of materials
3) 29% - rising fuel costs
4) 25% - the lack of skilled workers
5) 22% - becoming more sustainable
The trades most likely to feel that 2023 will be a good year for their companies are:
Dominick Sandford, Managing Director at ElectricalDirect, said: “It’s been a really tough couple of years, both nationally and for the industry, but while many challenges remain, it’s encouraging to see that some tradespeople are feeling positive about the future as we approach 2023.
For more information about the report, including data breakdowns by age, region and trade, visit: https://www.electricaldirect.co.uk/blog/a-bright-future-2023