'Cautious optimism for construction sector'

Those behind a recent survey say there is 'cautious optimism' for the construction sector going into 2021.

Construction IOM, a representative body for the industry, asked for views from those in the sector last month to find out about the state of the industry and highlight the challenges it's facing.

Of those who responded, 31% of companies with over 31 employees predict a decrease in turnover in the next six months, whilst 41% with five staff or less predict a decline in the same period.

Around a quarter of those who took part specifically mentioned difficulties with sourcing materials within their supply chain currently and moving forward into next year which may have an impact on construction costs.

Meanwhile, 22% of those who took part stated they'd seen a rise in turnover compared to October 2019 and 31% reported no difference in that area.

Construction IOM CEO, Corelli Bentham, says: "The latest survey appears to indicate a broad consensus that there is cautious optimism moving forward into 2021 with the caveat that the Isle of Man remains Covid free.

"Industry were initially busy following the reopening with private work, the following six months will see a return to normal construction output or a slight increase.

"It should be noted however, although the majority are currently busy, horizons are relatively short with only 40% of businesses stating that they could maintain staffing levels beyond 6 months at present."