The UK economic climate is challenging. Brexit, the COVID-19 pandemic and global political instability have all contributed to rising inflation, supply chain disruptions and increased uncertainty and volatility in the markets.
According to recent studies, UK construction ‘project starts’ in 2023 were down an average of 33 percent compared with 2022 and more UK companies are going bust than at any other time in the past 30 years. The latter Bloomberg report is based on a government release on UK insolvencies in the fourth quarter of 2023.
As part of an industry that has multiple stakeholders and low margins, architectural, engineering and construction (AEC) firms are particularly vulnerable in an economic downturn.
But despite an uncertain landscape with fewer investors, many industry leaders are adapting to change, mitigating risks, innovating and thriving.
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