Contrary to expectations and tradition, the usually slow month of August has shown surprisingly positive figures and provided a welcome boost to the construction industry.
With contracts awarded in August totalling £5.8 billion, based on a three month moving average, this has resulted in a 7% increase on the month and the highest recorded figure since March 2017, according to figures published in the Economic & Construction Market Review from Barbour ABI.The residential, retail and commercial sectors all performed well, contracts awarded reaching record highs and a monthly increase of as much as 47%. Infrastructure, however, saw its total value down 44% to £696 million, continuing a five-month decline in construction contract values.
The construction industry is full of ups and downs, even more so in uncertain times such as we’re experiencing at the moment, and even the tiniest fluctuations can have big impacts for small and large construction businesses alike. The right software can help your company navigate unsettled periods and maintain that all-important competitive edge.
The right software can help you to better manage margins and even anticipate peaks and troughs in the industry, so you can plan ahead and ensure your profits, or your customers, don’t take a hit. With the improved visibility and efficiency that Eque2’s EVision construction accounting software provides, you can take control of your business, whichever way the industry goes.
Whether it’s streamlining your business processes, managing subcontractors more efficiently by taking control of when and how you pay them or simply being able to view real-time updates as a project progresses, Eque2’s EVision construction accounting software can transform the way you run your business.
To find out more about our construction accounting software, click here.