Reuters with that sad headline.
The news is from a survey from the Royal Institution of Chartered Surveyors (RICS)
- said the industry's net workloads balance dropped to -1% in the fourth quarter of 2022
- from +17% and +30% in the previous two quarters
The commentary to the report is a little more upbeat though:
- the outlook remained relatively resilient with housing workloads only expected to slow modestly over the next year, and major energy and transport projects were supporting infrastructure.
Notes inflationary pressures:
- the industry is continuing to grapple with the challenge around finding adequate supplies of skilled labour, both at a professional and trades level
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The Bank of England look set to continue with rate hikes.
GBP update:
