A new survey has revealed one third of construction firms in Northern Ireland are finding it difficult to stay afloat…
A survey from PwC and the Construction Employers Federation (CEF) has found 16 per cent of construction firms in Northern Ireland are operating in “survival mode”.
The survey found companies that made a profit in the first quarter of 2015 saw their profits fall from 50 to 38 per cent.
There were some positives. The period leading up to June saw 24 per cent of firms increase their workforce numbers. However, John Armstrong, the managing director of CEF, said this was because many workers were commuting to England to carry out jobs.
“Overall however, while the sector is in a stronger position than when it was at its lowest point after the banking crisis, confidence is lukewarm, output remains between half and two-thirds of the pre-2007 level and there are headwinds around the medium-term economic picture,” said Armstrong.
“Chief amongst these headwinds is the continuing political malaise at Stormont, where a breakdown of communication, trust and decision-making around the Executive table has left a huge sense of frustration and anger within the construction industry.”