Dive Brief:
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A housing boom in the UK mimics what’s happening here in the states: Construction is climbing at such a fast clip that there aren’t enough contractors to go around.
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Construction has grown steadily in the UK since May 2013, the Markit/CIPS Construction Purchasing Managers’ Index reports. Despite forecasts for a setback in August, building expanded at its fastest pace since February.
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Low interest rates and government incentives have spurred activity in the UK’s construction sector.
Dive Insight:
Despite steady building, UK home builders have been unable to keep up with demand for housing. Two reasons: The surge has drastically slowed delivery times from vendors, and subcontractors are demanding higher pay than ever before.