This increase was mainly driven by new orders recorded in the second quarter of 2024.
One of the factors that contributed to this is the Chancellor's announcement regarding £100 billion investment on capital projects over the next 5 years.
There has also been an overall increase of 1% in construction output during the third quarter, further supporting the upward trend.
The sector is also benefitting from a relatively low inflation rate of 2.3% and a reduction in the Base Rate to 4.75%.
However, the increase in employer's NI is on the horizon and will negatively affect the construction sector in the coming months. The scheduled increase in NI has already encouraged more construction companies to utilise a self employed workforce to avoid this NI increase.
If you would like to utilise more self employed operatives whilst guaranteeing compliance, please contact RollPay at sales@rollpay.co.uk.
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