I read a few intriguing reports about the construction industry recently. I appreciate that I should be encouraged to live a slightly more fuller life. However, that assumes I don’t feel that I am living life on the edge by reading such reports.
Anyway, it’s a bumper numerical blog this month with more figures than you can throw a calculator at. You’re very welcome.
In all seriousness though ……some of the numbers jumping out of the construction report were absolutely crazy.
- The average age of a British construction worker is 49.
- There are 45,000 builder vacancies in the UK, double the pre-pandemic level.
- The number of EU citizens working in construction has fallen by 42% since Covid-19.
- In 2022 only 16,500 British students started construction apprenticeships.
Even if the government actually wanted to make a concerted effort to meet its previous annual target of building 300,000 homes (which doesn’t seem likely), there won’t be the builders to do it. The Home Builders Federation estimates that developers will manage just 40% of that total.
And this all matters desperately to anyone who cares about property because we need more homes in this country to alleviate an affordability crisis. The average person in England must fork out a dizzying 8.3 times the average salary to buy a home, compared with 3.5 times the average salary in 1997. The shortage is also contributing to a crisis for tenants, for whom rents are more than 10% higher than a year ago.
Then throw in eye watering interest rate rises for mortgages and we have a housing crisis with no solution. Expect plenty of promises on housing as we approach the General Election next year but I fear they will be empty and lack co-ordination and joined up thinking. A classic Government approach.
What a mess. Britain needs brickies……and quick!
Elsewhere……some of the numbers ‘out there’ were, dare I say it, mildly optimistic (aside from the fall out of last month’s Budget).
All eyes were on a series of announcements from the world’s largest economy because anything happening in the US pretty much impacts us all.
Firstly, US inflation rose at an annual rate of 5% (down from 6%). The lowest level for 2 years. This has strengthened expectations that the Fed could soon call a halt to the recent rapid rise in interest rates. Secondly, the much predicted recession in the US is now likely to be “mild” rather than a catastrophe. Let’s hope so.
The second largest economy, China, saw its economy rebound faster than expected with growth of 4.5% in comparison to the same period last year. China is very much open for business again.
In the UK confidence among finance chiefs at the biggest companies has seen its sharpest rise since 2020. The Deloitte survey of Chief Financial Officers showed sentiment rebounding as there were 25% more business leaders positive about the future than not, compared to 17% feeling the opposite three months ago.
The UK also signed a post-Brexit trade deal with 11 Asia and Pacific nations, three years after it officially left the European Union. The trade area includes Australia, Japan, Mexico and Canada and covers a market of around 500 million people.
The Government said the agreement was the UK's "biggest trade deal since Brexit" and will boost UK exports by cutting tariffs on goods such as cheese, cars, chocolate, machinery, gin and whisky. The reality is that the 11 nations account for about 13% of the world's income but it will only boost the UK economy by 0.08% in the first 10 years. 0.08% certainly stretches the definition of ‘big’.
Personally, there was also a celebration of the little lady reaching the magic age of 9……
Trump of the Month
In any other month, Dominic Raab would be an absolute shoo-in.
Dom resigned as Deputy Prime Minister to keep his promise if the investigations into bullying claims found “adverse findings”. However, Dom complained during departure that the judgement was flawed and the “threshold for bullying has been set too low for proper ministerial oversight.”
His resignation letter was a model of going in bad grace……non-acceptance, non-apology, defend and deny. Such a shame as I loved him in Hi De Hi. Bye-D-Bye! (ask your Gran)
Whilst a bullet was dodged by Dom, there could only be one winner of Trump of the Month……The Trump.
If ever a story summed up the total lunacy of The Trump, it is this.
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Prior to the US Presidential Election in 2017, The Trump decided he needed to clear up a few loose ends that didn’t need to be made public. This included a $130,000 payment to ‘adult actress’ Stormy Daniels as ‘hush money’.
This hush money payment was made by his personal lawyer Michael Cohen. Cohen was then sentenced to three years in prison after pleading guilty to tax evasion and election campaign fraud. For a reduced sentence, Cohen spilt the beans on any dirt her knew of relating to The Trump. It transpires that the hush money payment was legal but The Trump allegedly recorded it as a business expense!
Fast forward to 2023 and The Trump was made the first former US President to face criminal charges……34 in total!
The Trump’s response was classic…… to sue the key witness, Michael Cohen, for $500 million for vast reputational harm.
A classic The Trump story, with total head scratching lunacy at every turn. Perhaps The Trump should look a little closer to home to understand where the reputational harm stems from!
Trump Lunacy Rating: 10 / 10
And Finally……
"I can calculate the motion of heavenly bodies, but not the madness of people."
Isaac Newton
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