MHA Construction Report 2020
The latest MHA Construction Sector Report shows a stark divide in today’s Construction sector, between those who were able to capitalise on the opportunities presented by COVID-19, and those who struggled to finance their way through lock down.
To compile the report, the national Construction team at UK accountancy association MHA benchmarked construction businesses across the UK to paint a national picture of the sector entering lockdown in March. It also revealed the results of the survey taken this summer to gauge the response of businesses currently responding to COVID-19. Finally, the Report highlights any regional projects or significant issues that may shape local responses.
- The industry entered 2020 with strong balance sheets, increased turnover (8.3%) and low debt risk. The largest businesses saw the greatest increase in revenue from the previous year.
- Employment across the sector grew by 3.6%.
- The industry is evenly split between businesses with a substantial or critical impact due to COVID-19 (54%), and those with little to no impact (46%).
- More than half of those surveyed said infrastructure spending should be the Government’s top priority for the sector.
- Nearly 4 out of 5 respondents said the single biggest factor holding back growth was economic uncertainty.
By providing this snapshot into the sector’s conditions, we aim to showcase ways in which the Government can provide the financial and other support the sector needs to not just survive but thrive in 2020 and beyond.
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However, if you have any questions in the meantime, or would like to discuss the results in more detail, please contact your local MHA member firm.