It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Paul Morris, development director at St James Securities.
I always like to start a year on a positive note, and I do see light at the end of the tunnel, having worked through the challenges faced in the previous year.
We have survived another tumultuous year for the UK economy, with record inflation, multiple interest rate rises, supply chain issues, and higher construction costs presenting challenges for the construction sector. Build costs have continued to climb and values soften, which has caused viability challenges.
Looking forward, however, as we prepare for a rebound from the economic slowdown, this should begin to stabilise, which should stimulate activity across various sectors.
Lots of schemes stalled in 2023, leading to a drop in output. I expect there to be a modest growth this year, which, although not at the same levels as 2022, is nevertheless a sign of positive change and should foster increased consumer and business confidence.
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