The specialist construction sector is a broad field and only 3% of it is plastering. We are all aware that it’s considered to be a ‘downstream’ construction market that is required to finish residential, commercial, industrial and public buildings.
There are of course, many different specialists within the field who focus on the following complementary areas:
- The installation of plasterboard
- Installation of ornamental plastering products
- The finish and rendering of walls
- Fibrous plastering
Some plastering related contractors have the task of preparing buildings and wall systems for plaster to be applied.
However, when it comes to most plastering companies, they find that their primary source of revenue is from residential contracts, especially for the smaller plastering outfits. The 2008 recession, hit the industry hard with less funds available for private residence owners to spend out on home improvement.
Fortunately, the commercial sector kept some plastering businesses afloat during the national economic struggle. Even with public spending inhibited, plastering contractors will continue to find some opportunities in the non-housing sectors.
According to IBIS Reports, who provide industry revenue statistics and industry growth forecasts, things aren’t looking too bad.
They state that the plastering industry has an annual revenue of £2 billion and between 2011 and 2016 saw annual growth of 1.7%, keeping over 13,000 employed and 4,416 businesses afloat. The plastering industry plays an important part when it comes to construction.
Now with fears about Brexit and the economic uncertainty that some businesses have, there could be another downturn in available spend. According to IBIS, 13.9% of plastering businesses are located in the south-east region. Which is in keeping with the percentage of the UK popular (13.7%)?
How is your plastering business faring recently? Has there been any change since Brexit was announced?