While workloads and activity remain strong, the skyrocketing price of building materials continues to dampen construction’s economic recovery and is disproportionately impacting on the industry’s smallest firms, according to the Federation of Master Builders in response to today’s construction PMI data.
Brian Berry, Chief Executive of the Federation of Master Builders, said: “Rising material prices are continuing to limit the ability of local builders to build back better from the pandemic. It’s incredibly worrying to hear that the overall rate of input price inflation was the highest on record. This is consistent with FMB State of Trade data that shows 93% of builders reported material price increases in Q1 of this year. Against the backdrop of high levels of inquiries for building work, it’s imperative that smaller businesses have the same access to materials as the larger firms during these difficult times.”