How is the construction industry contributing to care home growth?
The need for growth in the number of care homes in the UK is reaching a crucial stage. Currently, the sector is significantly undersupplied, partly as a result of sub-standard existing stock and partly due to the pressures of an ageing population. As a result, care home growth has become a priority and there is a lot that the construction industry can do to contribute to this, now and in the years to come.
Supporting providers looking to expand
A wealth of opportunities currently exist for care home providers – this is a lucrative and burgeoning market. However, many don’t currently have the capacity to support the kind of expansion that is required to meet demand. This is where the construction industry has a lot to offer in being able to provide the physical resources that are necessary for businesses in the industry to grow. This includes supporting many enterprises that are looking to expand into this market, such as Frontier Estates, which announced plans earlier this year to build four new premium retirement homes as part of its expansion into the profitable care market.
Enabling the development of the private sector
The significant shortage of beds that the care home industry currently faces simply cannot be met by public sector operators. As a result, it’s the private sector that is already having to take steps to meet this need. Construction industry support is vital here, both in terms of enabling those in the private sector to find sites that are ideal for development and also the timely management of projects that will ensure that the private sector expands at the right rate to help cope with increasing demand.
Developing options for an aging population
According to the medical journal The Lancet the UK is going to need an estimated additional 7,000 care home places in the next eight years. Unless current output is significantly increased that’s going to create a significant shortfall in terms of beds (estimated to be around 28,000 by 2025). However, not everyone wants to go into a care home and different types of development could help to take the pressure off the sector, as well as accommodating individual needs. For example, some individuals may prefer sheltered housing or developments specifically targeted at retirees.
The construction sector is already involved in the development of housing projects that are intended to cater to older residents and which could potentially reduce some of the pressure that is being placed on the care home sector. In addition to supporting care home construction, these alternative developments give construction businesses another opportunity to contribute to the growth in housing stock that an aging population in the UK demands.
The construction sector has a big role to play in supporting the UK’s aging population. Businesses in the industry are already contributing to this, not just in terms of increasing the volume of stock in the care home sector but also in developing other options too. At RG Group we know that the construction sector is essential for the UK’s development needs and are keen to highlight the ways in which it is providing a crucial response.