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Construction to see start of recovery in 2013, says RICS

Construction will start on the road to recovery towards the end of 2013, it was claimed today.

The latest construction survey from the Royal Institution of Chartered Surveyors says many are expecting the industry to turn a corner this year, “albeit only in first gear”.

In the last quarter, 15 per cent more surveyors said they expect workloads to grow over the coming twelve months.

The RICS survey follows a number of new year predictions hopeful of the start of a turnaround in late 2013.

This final three months of 2012 saw a small increase in workloads, says RICS.

But around 89 percent of surveyors say financial constraints are holding the industry back, despite government help through the Funding for Lending Scheme, with around two thirds citing insufficient demand.

Elsewhere, 15 per cent more respondents reportied rises rather than falls in input costs.

Simon Rubinsohn, RICS chief economist said competition remains intense and continues to erode profit margins.

He said the Funding for Lending Scheme “should gradually help to ease this challenge”.

He added: “After a truly dreadful year, if one believes the official data, there are signs that 2013 will bring some better news for the construction sector.

“Most notably, the numerous measures that the government has introduced with a focus on infrastructure appear to be bearing some fruit.”

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