An independent survey recently urged the government to take radical steps to slow down the deadly decline faced by the construction industry as a whole. The review also stated that the government should try to slow down the slump by building affordable housing units and properties for rental purposes.
This review was commissioned by the government and was undertaken by the consultancy run by Mark Farmer. In this study, it was found out that serious government intervention is necessary to boost the economic slowdown of the construction industry. The slowdown can be prevented by tax incentives and building housing units for rental purposes. Farmer claims that building for the sole purpose of renting plays a vital role in the ever changing construction industry. Though the construction industry is facing a tumultuous change, it has been observed over the years that rental demand is more or less the same.
The report calls the government to increase the number of affordable homes and social housing units. It claims that these kinds of houses can be built within a short span of time with the help of pre-manufactured modules rather than depending on traditional building methods that are costlier and time-consuming.
Farmer, a veteran in the field claims that to put back the construction industry on its feet, off-the-shelf components must be increasingly used in the industry. He stated that a good example for this type of building is the Legal & General’s latest factory in Yorkshire, UK, that has plans to build homes through an automated process, like that employed by automobile factories. Farmer also warns that if action is not taken quickly, it will become a highly difficult task to rescue the construction industry.
It is to be noted that the construction industry has declined on a global level in the past few years, due the global economic slowdown.