Impact of Economic and Financial Crisis in the Construction Industry in the UK

Without such information, the nation’s construction industry may not be well prepared to face financial and economic crises if they ever occur in the future.Given the magnitude of the construction industry in the UK, it needs a lot of time and resources to conduct a nationwide study of the impacts of the financial crisis effectively. It is for this reason that this research will be relying on data related to Balfour Beatty to aid in the determination of the effects that economic crisis has on the industry. The Balfour Beatty is one of the construction companies in the UK and how it coped with the financial and economic crisis will provide us with the measure of the intensity of the crisis in the UK construction industry. From its background, the company has been faced with issues that have threatened the existence of the company. These issues include low staff in the First World War and the crisis that hit the company in 1997.This study will be limited to Balfour Beatty as a construction company and will, therefore, preclude other of the company’s activities that are not related to construction work. The study will also be focused on the effects of the 2007-2010 financial crisis with little mention of the effects of other financial crises if any.The idea to start the company was conceived by Andrew Beatty and George Balfour in the year 1882. The start of this business was inspired by the Electric Lighting Act of 1882. In 1909, the company was founded by Beatty and Balfour. The company dealt with contractors, railway and lighting properties, general and electrical engineers, operating managers for tramways and the promotion of new enterprises.The first contract the company did was the construction of a tramway system and it involved the laying of a new track and lighting cable and the installation of more producing plants at the powerhouse in Dunfermline in Fife.