Construction receives financial boost during pandemic

Construction boost

New analysis from Powered Now has revealed that the home improvement boom experienced during lockdown has seen sales for SMEs in construction during 2021 increase by 35%, compared to those in 2020.

Figures from almost a quarter of a million invoices recorded by 915 trade SMEs has shown that the average invoice value in 2021 is 6% higher than those recorded in 2020, with sales for the first 8 months of 2021 amounting £111 million, compared to the £82 million recorded for the same period last year.

What is particularly intriguing from the data is the continual increase of the average value for invoices throughout 2021. Originally prescribed to the national lockdowns witnessed in the Spring of 2020 and Winter of 2021, the explosion of home improvements have continued to become more valuable throughout the summer months. Usually a quieter period for the trades, the significance of this increase is further emphasised by the growth that has continued past ‘Freedom Day’, with the average value of an invoice amounting to £1,233, reaching total monthly sales of £15.1 million, making August near the highest month for deal flow in 2021, second only to March.

Ben Dyer, CEO of Powered Now, comments on the analysis: “Since the reopening of the construction sector after the very first lockdown in 2020, there has been an unprecedented boom period. Sales in 2020 surpassed those in 2019, which was totally unexpected as we learnt how to deal with the pandemic.

“2021 by all accounts has taken us all by surprise even further. Starting the year with an equally restrictive lockdown didn’t dent the appetite of the British public for home improvements, and even the very well documented shortages of labour and materials couldn’t deter Brits from going on a renovation bonanza.

“The knock-on effect of this golden year for tradespeople has meant that the trade has become a hugely popular sector for job seekers, and we’re seeing training courses becoming over-subscribed as education centres are inundated with new apprentices.”

If you would like to speak with Ben further on the analysis above, or would like to see a full and detailed breakdown of the data, please do let me know.

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