Construction is the second most pessimistic sector in the UK when it comes to growth prospects, with 52% of directors more concerned about just surviving, according to research from Santander.
Santander Corporate Banking found that directors of construction companies with annual revenues of up to £20M are expecting, on average, to increase their turnover by an average of 74% in the next five years, compared with the national average of 104%.
Only the retail sector appears less optimistic about the future, predicting an average turnover of 52% in the same period.
In the short term, construction companies are firmly focused on survival with the active pursuit of growth taking a back seat. Some 52% of all directors say that survival is their immediate key priority, compared with 30% claiming they are focusing on organic growth. The tough trading environment and hiring and retaining quality staff were cited as the the biggest obstacles to growth.