What Impact would a potential ‘Brexit’ have on the Construction Industry?

A potential Brexit on 23 June could deliver a blow to the U.K.‘s already struggling construction sector. We are already in a construction crisis with a severe shortage of skilled labour, adding a vote to leave the EU may limit the number of workers joining the industry further.

Construction has always relied on migration in the labour market – suddenly cutting off the supply of migrant workers could risk serious damage in the U.K.‘s economic prospects. Migrant workers currently fill around 12% of the 2.9 million U.K. construction
sector jobs, according to government figures and research by the London School of Economics.

On the other side of the argument a vote to leave the EU could benefit U.K. builders. A survey was completed by CNBC on May 11th by Kevin Byrne, founder of Checkatrade.com, said:

“We did a survey of our members and asked ‘has being a part of the European Union hindered the growth of your business? 20% said it’s hindered business – that’s quite a serious percentage.”

The UK would be the first-ever country to leave the EU and we have no blue print to base it on. It is almost impossible to predict exactly what will happen should a Brexit occur, we simply just have to wait and see.

What is your thoughts?