Theresa May pledges to continue tackling housing shortage

Industry representatives are hailing remarks from Theresa May, in which the new prime minister pledged to support the growth of UK infrastructure and housebuilding.

Specifically, May has proposed more government-backed infrastructure bonds, more housebuilding and a revamped industrial strategy. Her government, which includes the new Communities Secretary Sajid Javid and the new Housing Minister Gavin Barwell, has committed to preserving the goal of producing 1 million new homes by 2020.

Even before the uncertainty brought about by Brexit, the industry had been facing some considerable challenges. Currently, the industry is struggling with a shortage of skilled workers. That shortage could make it difficult to produce 245,000 new homes each year for the next four years—the rate of construction necessary to reach the 2020 million-home goal.

Yet, while the repercussions of Brexit may make it difficult to hire skilled workers from outside Britain, it could be a beneficial opportunity for the industry. In an effort to address the skills gap, the government plans to create 3 million apprenticeships by 2020.

Although it is a demanding goal, the project has gained some momentum. According to the National House Building Council (NHBC), there were almost one thousand more homes built in May 2016 than in May 2015. 

Even though the long-term effects of Brexit on the construction industry are still unknown, ensure that your firm has effective cover to guard against uncertainty.