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 Steve Fernie, director of Armsons Barlow.
I believe 2024 will be a pivotal year for both our country and the construction industry.
I anticipate continued growth in the construction industry, particularly with warehousing and logistic hubs, serviced office accommodation and Built-to-Rent (BTR) and Private Rental Sector (PRS) residential developments.
A major area of concern are town centres where there appear to be many empty retail units. Somehow a new purpose and use for these properties needs to be found or we as a country run the real risk of many of our town centres becoming ghost towns and lost for the next generation. To prevent this happening, I believe we have to have a more relaxed planning policy, which will allow these buildings to be re-purposed.
In terms of other predictions, I expect inflation to stabilise at 3%, which still remains above the government’s target. Interest rates will start to fall, but mortgages will remain expensive for the younger generation.
I forecast a change of government, with a coalition led by Keir Starmer taking control. I believe unemployment will remain static at its current level. Economic growth will remain poor, but a technical recession will be avoided.
Like most years, what happens in the UK will, to a certain extent, depend on what happens in the United States and China.
I also anticipate that Covid will continue, although it will be largely ignored by the media.
