Confidence on the rise among construction firms

It has certainly not been an easy time for construction companies over recent years. Despite returning to promising growth for a period after the credit crunch, the economy is now precariously poised and many experts have expressed concerns over the rest of this year and beyond.

The deficit reduction package being implemented by the coalition government, eurozone problems and a range of other factors have combined to cause concern.

Meanwhile, many firms are utilising debt collection solicitors to assist them with their business debt recovery because the firms and individuals that owe them money are unable or unwilling to settle their balances.

However, there are positive signs in the construction sector. According to the most recent Markit/CIPS construction Purchasing Managers’ Index, the industry accelerated in March as orders picked up at their fastest rate in four-and-a-half years. Meanwhile, companies operating in the sector noted greater optimism, Reuters reports.

The index rose from 54.3 in February to 56.7 in March, which is its highest level in 21 months.

Meanwhile, the survey also showed the first rise in overall staffing levels in three months as firms gained confidence and took on more staff.

Commenting on the findings, chief economist at Markit Chris Williamson remarked: “The good weather appears to have led to a surge in demand for construction projects in March, adding to the recent flow of good news which suggests the economy will have skirted a recession.”

He added: “The particularly encouraging news is that the improvement in confidence is generating more jobs, with employment rising modestly.”

However, firms will have to ensure they remain vigilant when it comes to business debt recovery as failures when it comes to such endeavours can be disastrous for their overall finances. To help them recoup the money owed to them, it can be wise for managers to make use of specialist debt collection solicitors.

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