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Construction industry activity increased since easing of lockdown restrictions…

Construction activity across four major UK cities increased by more than a third in 2021.

Cities like Manchester, Leeds, Birmingham and Belfast becoming busier than ever with the increase in construction activity.

Developments for residential schemes and homes as well as education and student accommodation also saw a dramatic 23% increase last year.

The level of demand for construction relies hugely on the stages of economic development as well as the structural changes, with commercial projects seeing some of the strongest growth due to high client demand as building projects put off due to COVID-19 were allowed to resume.

Head of Construction at MAF Finance Group, Gary Burns said:

“It is really encouraging to see the plant and machinery finance sectors continuing to grow and getting close to pre pandemic 2019 figures. However, we are still seeing a shortage of new machinery coming into the market, mainly due to production and chip issues and this is reflected in the prices of used equipment.

“The asset finance market is still very buoyant, with plenty of funders wanting to lend money and they are taking a very positive view on the used equipment market.

“There is still a continued push to persuade the government to extend the rules on qualifying investment and machinery within the plant hire sector for the super deduction scheme, and this drive will enable even further growth in the sector.”

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