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A global shortage of key products means prices are rising and lead times growing, potentially putting the recovery at risk. Tom Lowe reports
April may have been unusually cold and frosty, but there has still been a feeling of approaching summer over the past few weeks. The reopening of pubs and restaurants has seen people fighting over a limited number of outdoor tables to have a pint with friends in defiance of the wind and rain. Announcements of big organised events are also picking up, adding to a sense of building momentum for the return of normal life.
Naturally, this is all good news for construction. Output in March grew at its fastest rate in seven years, according to the latest IHS Markit/CIPS survey, with the trend expected to continue through April. Work resuming on office and hospitality schemes delayed during the pandemic has fuelled the rebound, as business confidence finally shows signs of returning.
So, after the experience of both Brexit and the pandemic, it should come as no surprise that a new curveball now threatens to ruin the party. Right on cue, a severe shortage of construction materials has emerged which could cause real damage to the sector’s recovery – and it appears to be getting rapidly worse.
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