Property North Wales

North Wales Construction booming

With the doom and gloom of the recession looking like it’s dissipating bit by bit, there’s plenty of positive news about the economy and jobs creeping through every day. Unemployment rates have dropped from 7.8% to 7.7% in the space of three months – all of which is fantastic news for construction companies in North Wales.

The housing business was the sector which possibly took the brunt of the effects of the worldwide financial slump with few people interested in purchasing property as their purse strings became tighter. This in turn affected construction companies all over with many of them being forced to dramatically downsize or to shut up shop completely.

However, 2013 has been a turning point for the industry with plenty of interest in property, partially due to the lowering of financial interest. Due to the decrease in the previously difficult mortgage rates, potential homebuyers have been less deterred from the glorious North Wales landscape. Thanks to mortgages numbering at five times the rate of before, the historic region has seen its profile and desirability lifted once again.

This savvy bit of market cutting and chopping has led to the much-welcomed rise in jobs for builders and construction workers all over Britain, not just Wales. Some local firms have reported they’ve expanded by up to 79 people; an astounding figure considering the low state of employment just 12 months ago. Apprenticeships are also on the up and up with several big firms announcing that they’re taking on young people for this coming winter.

This is all supported by news that several construction firms across the area have begun plans to commence the ambitious construction of 245 homes in Bangor and 44 in Flintshire.

A prosperous time lies ahead in the industry and for employment throughout. North Wales looks like it’s coming through the economic crisis in great shape and that can only be a good thing for everyone in the area.

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