Industry Analysis & Industry Trends
The Stone Quarrying industry has suffered a fair few scrapes over the recent years, since demand from the construction sector declined in the wake of the financial crisis. Commercial property activity dropped drastically low, with many properties left vacant by ailing businesses and existing commercial buildings struggling to fill space. This bred further low confidence in the various construction industries and, since this is the crucial market for building stone products, there was a significant gap in demand for the industry's services. The past five years, therefore, have largely been a period of recovery as confidence has returned and demand for construction has risen... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Stone Quarrying industry's output and revenue have risen faster than the UK economy over the past five years, owing to the rapid growth in revenue as the industry has recovered from the downturn. The value the industry adds to the overall economy is expected to increase at a compound annual rate of 5.5% over the 10 years through 2021-22, compared with compound annual GDP growth of 2.3% over the same period. Although this rate suggests that the industry is in the growth stage of its life cycle, the dramatic revenue contractions prior to 2010-11 skew the figure and it is actually in the mature stage of its life cycle. The continued robust recovery in downstream markets is likely to result in the industry growing at a faster rate than the economy over the next five years.
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