The value of construction projects in the UK has rocketed by 67% in the last 12 months, according to a report published today, highlighting that sustained growth in the residential sector has, in part, been boosted by the Government’s help-to-buy scheme
New project contracts awarded in December 2013 totalled £6 billion, demonstrating year-on-year growth more than 88%, compared to £3.6bn in the same month in 2012.
Michael Dall, lead economist at Barbour ABI, commented:
“Residential construction remained strong throughout the latter half of 2013 and has truly spurred on the growth of the industry.
“In the most part, the increase in residential activity can be attributed to the government’s help to buy scheme, but there are concerns that demand created by such schemes will surpass the rate of house building. This is a topic that will be the source of major debate over the next 12 months in the lead up to the 2015 elections.
“The performance of infrastructure as a sub-sector is also incredibly encouraging. The figures are a reflection of an exciting year of renewed optimism for the construction industry and, as a major contributor to figures for the industry as a whole, the sustained period of strong project values in this sector is good news and a key indicator for future growth.
“The National Infrastructure Plan, as published by the government on December 4th 2013, updated the top 40 infrastructure projects in the pipeline for the UK, outlining a pathway for potential growth. An increase in new orders data recorded by Barbour ABI encourages me to suggest that the sector does have strong growth potential this year.”
As well as highlighting key sub-sector trends within the construction industry, data in the report also identifies regional variations in overall construction performance.
Source: http://www.24dash.com
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