Imagine my surprise when, after over a year of inactivity, I saw the cranes towering above the Pinnacle construction site, actually moving, on my morning stroll to work this morning.
As I have reported previously, the Pinnacle is due to be the tallest building within the square mile of the City of London, upon its completion, but building work on the central concrete spine has been stalled at the 7th floor since January of 2012 due to a lack of funding as a consequence of pre-letting contractual terms. Heaven only knows how much the ‘leasing’ of three lumbering giants of cranes, lying static on the site is costing, but it is surely affecting the bottom line of the capital implementation costs.
Yesterday and today, there was visible activity with the behemoth structures, but there did not seem to be any other signs of ‘life’ around the site, so I am dubious as to whether this indicates progress, or merely a twitch prior to deeper sleep. Indeed, there has been nothing in the media recently regarding the recommencement of construction, so I pessimistically suspect the latter.
If people coursing through the streets are the life blood of a city, and the buildings are its muscles, we should certainly be worried about the atrophy in our capital city at the moment. There is some growth, but it is by no means consistent and the amount of stagnation is worrying with unused offices for let a constant reminder of the hard times we are currently experiencing.
It seems the recession is affecting all sorts of areas and nowhere, especially construction and infrastructure is immune from the impact. Investment is needed in these areas to kick start the economy from its current flatlining though, and the sooner the Government releases supply side reforms and demand side incentives, the better.