Construction SMEs are expecting to increase their turnover by 74 per cent over the next five years, a new survey has claimed.
But the survey, commissioned by Santander Corporate Banking, says the national average across a variety of industries is for growth of 104 per cent.
The online research was carried out by BDRC Continental across 501 companies with revenue between £50,000 and £20 million.
It claims half of all directors say that survival is their immediate key priority, compared with just under a third focusing on organic growth. Perhaps unsurprisingly, the tough trading environment is seen to represent the biggest challenge to construction companies’ growth prospects, cited by just over half of businesses.
Hiring and retaining quality staff also remains a key obstacle in the construction industry, according to one in five directors.
The retail sector is even less optimistic, at 52 per cent, while manufacturing expectsf 138 per cent growth.