Financing and lending are the key drivers of economic growth in the UK, but growth has also been driven by the construction sector, with a total of £19.5bn of building projects funded in the past year.
The UK’s infrastructure has also benefited from the construction boom, with the total of roads and railways built in the last year reaching £12bn.
However, the UK is the only major country where building construction is more or less static compared to the rest of the world.
The average growth rate for the UK in the first half of 2018 was just 1.5 per cent, compared to 5.1 per cent in the same period last year.
And despite the construction industry’s strong start to the year, the growth is likely to have slowed in the second half of the year due to weather and the construction of more roads and bridges.
A weaker housing market and a lack of foreign investment in the construction sectors have been blamed for the weakness of the UK economy, with foreign direct investment falling from a high of £9.5tn in 2015 to a low of £4.6tn in 2017.
This fall in foreign investment is due to the impact of Brexit, which will see the UK leave the European Union, while the UK has also suffered a massive economic downturn in the global financial crisis.
The construction sector also needs to be looked at in the context of the economy as a whole, as it is a major contributor to the UK GDP.
The sector employs about 11 per cent of the workforce, making up 14 per cent to 16 per cent for the entire UK.
It accounts for more than half of all construction jobs in the country.