Construction projects are slowing as the impact of higher costs, tighter credit and a lack of staff and materials starts to bite.
Research published today by the RICS and construction data from Glenigan has highlighted the stultifying effect of the economic downturn on construction, putting at risk the delivery of new homes, offices and infrastructure projects.
The RICS survey of more than 1,600 UK members suggested the appetite of developers to take on new projects was diminishing fast.
Separately, research by Glenigan showed cracks had already started to appear in the sector.
It found that the value of projects securing detailed planning consent in the first nine months of this year fell by 5% compared with the same period last year. It added that activity was likely to contract further during the next two years.
