UK construction sector stagnates as interest rates bite

According to the Royal Institution of Chartered Surveyors (RICS), the percentage of positive net workloads balance in the real estate sector fell to -1% in the fourth quarter of 2022 from +17% and +30% in the previous two quarters. The commentary to the survey is a little more optimistic, though: major energy and transport projects were still supporting infrastructure, helping to keep the industry’s labour demand relatively resilient. As a result, there is still a shortage of skilled labour in the industry, both at the professional and trades level.