{"id":1464,"date":"2018-04-16T16:26:08","date_gmt":"2018-04-16T15:26:08","guid":{"rendered":"http:\/\/www.constructionplantworld.com\/news\/?p=1464"},"modified":"2018-04-16T16:26:08","modified_gmt":"2018-04-16T15:26:08","slug":"new-report-reveals-economic-contribution-of-family-firms-in-construction-sector","status":"publish","type":"post","link":"https:\/\/www.constructionplantworld.com\/news\/2018\/04\/new-report-reveals-economic-contribution-of-family-firms-in-construction-sector\/","title":{"rendered":"New report reveals economic contribution of family firms in construction sector"},"content":{"rendered":"<p>A new report reveals the full extent of the contribution construction family firms make to the UK economy, generating 11.8% of the total gross value added (GVA) family businesses contribute to UK GDP.<\/p>\n<ul type=\"disc\">\n<li><strong>A million more family businesses since 2010<\/strong><\/li>\n<li><strong>2.3 million more people working in family businesses since 2010<\/strong><\/li>\n<li><strong>In the construction sector, family businesses provide almost 70% of total private sector employment<\/strong><\/li>\n<\/ul>\n<p>The new UK Family Business Sector Report, produced by Oxford Economics for the Institute for Family Business (IFB) Research Foundation, reveals that family businesses\u2019 GVA contribution to UK GDP has increased by \u00a3100 billion since 2010 \u2013 to \u00a3519 billion \u2013 meaning family firms now generate a quarter of UK GDP.<\/p>\n<p>In the construction sector only, there are almost 911,000 family firms. They employ over 1.4 million people, providing 69.5% of private sector employment. And they are growing \u2013 their turnover has increased by almost \u00a318 billion in the last year only.<\/p>\n<p>Elizabeth Bagger, Institute for Family Business (IFB) Executive Director, said: \u201c<em>Family businesses are the backbone of the UK economy \u2013 but their widespread presence and contribution to the economy are often underestimated.\u00a0 You will find family businesses all across the UK, in every industry sector \u2013 from sibling start-ups to multi-generational international brands.<\/em><\/p>\n<p><em>\u00a0<\/em><em>\u201cThe family business construction sector creates a substantial proportion of the UK\u2019s GDP, and we are proud to champion and delighted to celebrate this incredible contribution. <\/em><em>Since 2010 there are a million more family businesses in the UK, proving that family firms are here to stay.\u00a0 Not only have family firms created an extra 2.3 million jobs since 2010, but their tax contribution each year is more than the annual NHS budget.\u00a0 This all demonstrates how growth in the family business sector benefits the UK economy, consumers, the exchequer and the millions who work in family businesses. <\/em><em>To ensure family businesses continue to flourish, we\u2019re calling on the Government to support them with policies which allow family firms to plan and invest for the future.\u201d<\/em><\/p>\n<p>Other key findings from the report include:<\/p>\n<ul type=\"disc\">\n<li>Family firms now turn over \u00a31.4 trillion annually, up 7.2 per cent since 2010 &#8211; family business turnover has grown by more than that of non-family businesses since 2010<\/li>\n<li>Family businesses contributed \u00a3149 billion in taxes in 2016 \u2013 more than the annual NHS budget<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new report reveals the full extent of the contribution construction family firms make to the UK economy, generating 11.8% <\/p>\n<a class=\"btn-sub-green l-blog-post-readmore\" href=\"https:\/\/www.constructionplantworld.com\/news\/2018\/04\/new-report-reveals-economic-contribution-of-family-firms-in-construction-sector\/\" title=\"Read more\">Read more<\/a>","protected":false},"author":2,"featured_media":1465,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-plant-news"],"_links":{"self":[{"href":"https:\/\/www.constructionplantworld.com\/news\/wp-json\/wp\/v2\/posts\/1464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.constructionplantworld.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.constructionplantworld.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.constructionplantworld.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.constructionplantworld.com\/news\/wp-json\/wp\/v2\/comments?post=1464"}],"version-history":[{"count":1,"href":"https:\/\/www.constructionplantworld.com\/news\/wp-json\/wp\/v2\/posts\/1464\/revisions"}],"predecessor-version":[{"id":1466,"href":"https:\/\/www.constructionplantworld.com\/news\/wp-json\/wp\/v2\/posts\/1464\/revisions\/1466"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.constructionplantworld.com\/news\/wp-json\/wp\/v2\/media\/1465"}],"wp:attachment":[{"href":"https:\/\/www.constructionplantworld.com\/news\/wp-json\/wp\/v2\/media?parent=1464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.constructionplantworld.com\/news\/wp-json\/wp\/v2\/categories?post=1464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.constructionplantworld.com\/news\/wp-json\/wp\/v2\/tags?post=1464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}