What do UK Contractors think about the current market conditions?
PCG (Professional Contractors Group) are the representative body for independent professionals in the UK. They are the biggest, best and most widely used group for professional contractors to turn to for advice about the entire contracting business.
They have just released their latest market report, which is a comprehensive study from their large membership. This acts as a strong representation of the current market conditions and confidence amongst professional UK contractors. The highlights of their research was:
- 59.4% of respondents were confident about the performance of the UK economy over the next 12 months, compared to only 14.8% who were not.
- 30.1% were confident about the confidence of their own business over the next 3 months, compared to only 14.7% who were not.
- 34.4% predicted their revenue would increase over the next 12 months, only 22.6% thought it would decrease.
- 45.3% think there will be more contracts available in the next 12 months, only 13% think there will be less.
- A whopping 63% were out of work for 0 weeks last quarter. The average across all those surveyed was under 2.5 weeks.
- The total percentage of contractors in contract at the time of the survey has increased from 73% to 81%.
- Almost a third of contractors saw an increase in contract availability last quarter.
In summary, rates are increasing, confidence is high and contract opportunities are on the up.
For the complete report check out: