What are the benefits of large infrastructure investment?
As the UK embarks on a time of large investment into national infrastructure in the form of the £500 billion National Infrastructure and Construction Pipeline (NICP), there are a number of benefits that this will bring. Why make such a large investment into infrastructure?
What is being invested into?
The term “infrastructure” covers a range of areas that investment can be made into across the UK. It includes things like utility supplies, transport connections, educational and social facilities – from hospitals to housing. Perhaps one of the most currently talked about investments is housing.
Addressing the housing crisis
Many of us across the UK will have seen rising house prices, as the demand for housing continues to rise. The UK government has introduced incentives to tackle this and encourage first-time buyers to get onto the property ladder, including recent stamp duty reductions for properties under £500,000 and help-to-buy schemes. However, to meet the growing demand, investment is needed to build more homes across the UK. As part of the NICP, £7.2 billion has been invested to specifically address the housing crisis and begin to build towards targets to eventually get closer to meeting the UK’s housing needs.
Provision of jobs and opportunities
Large investment into infrastructure projects means that there is also a large contribution required by the construction industry to make these projects happen. In an industry that is slowly declining, this could be a fantastic opportunity for new employment, particularly for young people looking to train and explore opportunities within a skilled trade that will serve as a long-term career for them. The investment into the UK’s infrastructure will provide jobs and increase the number of skilled workers across the nation.
Meeting social needs
Investment is being made into many areas of infrastructure primarily because a need has been recognised. The government is committed to increasing living standards across the UK, and contributing to this is housing, retail and commercial developments, all of which can create a better place to live and work. Increased transport links and provision of educational and health facilities should increase the population’s wellbeing and meet many social needs.
Promoting economic growth
Such a large infrastructure investment also promotes economic growth within the UK as improvements are made to housing, and transportation. At a time of such uncertainty, it this is one way that the UK’s economy can keep up with others worldwide, by investing into construction projects that will improve our infrastructure.
Stay up to date with The RG Group’s latest construction projects or give us a call to find out how we could help with yours today on 01732 526 850.