Invest 2035 has identified eight sectors of opportunities for industrial growth; advanced manufacturing, creative industries, clean energy industries, defence, digital technologies, financial services, life sciences and professional and business services.

Three “critical opportunities” identified by the strategy are net-zero transition, AI and changing demand and demographics in the UK.

Specifically, the Labour government wants to avoid previous strategies: “Too often, the impact of industrial strategies has been concentrated in certain regions and not shared across communities... Businesses tell us that past plans have been short lived and often been felt by business as done to rather than with them.”

Invest 2035 will see a statutory, independent ‘Industrial Strategy Council’ established that will report to the business secretary and the Chancellor.

Another council is also being established, the Industrial Strategy Advisory Council chaired by Microsoft UK CEO Clare Barclay.

However, this industrial strategy — which does not provide an in-depth focus on either construction or housebuilding in its 64 pages - has prompted a split response from two of the construction industries’ largest trade bodies.

Brian Berry, CEO at the Federation of Master Builders (FMB), has taken issue with construction not being included as a driving sector in the plan.

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“It is deeply concerning that the chancellor and business secretary have published an industrial strategy for the new government, but have not felt it necessary to include reference to the construction sector as an industry for growth, during a period where the UK is experiencing both a housing and skills crisis that are holding back and economic resurgence and threaten long-term market confidence,” said Brian.

“While the government is focussing on inviting big innovative investment, it should not forget the fundamentals of what drives growth.

“The consultation is an opportunity to ensure that construction doesn't end up as a side show sub-sector in the plan. Construction needs to be front and centre in the government's drive for economic growth."

In contrast, Richard Beresford, CEO of the National Federation of Builders (NFB) has called the strategy a “fresh approach” in a more welcoming response.

“The consultation provides businesses with a platform to further build the planning evidence that past governments have ignored because they feared the vocal minorities opposition to land use.”

He said: “The consultation seeks to understand the factors that drive investment, barriers to innovation and growth, how to embed net-zero goals, and whether enough is understood about clustered industries, and regional strategies.”

However, Richard did agree with the FMB’s Brian that construction was not singled out in the strategy.

“One concern we would have from the initial consultation reading is that construction does not feature as a prioritised growth driving sector,” Richard added.

“This seems an oversight because construction builds the premises that investors need, delivers the roads, rail, energy, and communications which fuel regional and national connectivity, and are integral to every net-zero challenges.”