Industry body claims 'slowdown' in construction sector poses threat to local economy

Construction Isle of Man has held urgent talks with government following a survey which reveals a ‘significant and worrying slowdown’ in the sector.

The body which represents the industry on Island says immediate action is needed to support local businesses and protect jobs.

It follows a report carried out in late 2024 which sought the views of contractors, supply chain partners and consultants.

Construction Isle of Man has published the document and is now warning of broader implications for the Island's economy and sustainability goals if immediate action isn't taken.

Chair Gary Proctor said: "This piece of work supports the anecdotal evidence that has been coming out of the industry over the last year or so. 

"It has suffered a perfect storm, the foundations of which were laid before Covid and the inflationary pressures that followed, with the changes to the government procurement procedures, a significant reduction in the public-sector capital programme and the time taken to achieve planning approvals.

"If the Island wants a functioning construction industry beyond the trades servicing the domestic residential market, it is essential that lessons are learned and recommendations made in the report are actioned now, particularly if the industry is to be in position to deliver against the potential private sector and public capital projects that may come to the market."

Mr Proctor told Manx Radio the findings of the survey paint a bleak picture:

You can read the full report HERE