Aug 18th 2017 1:08pm
After the dismal statistics released in May, figures began to move in the right direction moving into August, with contract awards increasing by twelve per-cent, as a number of high profile projects were given the green light.
Glenigan, a provider of construction industry analysis is predicting a 1% rise in the underlying value of new project starts for the remainder of 2017, with a 2% increase to follow in 2018, as part of its most recent mid-year forecast.
Across the various construction sectors, it was Residential building that produced the highest value throughout recent months, reaching £2.5 billion in June alone, peaking significantly after a dip in May when it decreased to £1.7 billion.
Glenigan also revealed that the supply of available development slots has greatly improved over the past three years, most notably in London and the south of England. All of which indicates a brighter outlook for construction nationwide, irrespective of any economic uncertainties.
With the Governments increasing focus on raising the levels of major infrastructure projects. The anticipation is that we will see larger public-sector contracts come to the forefront, such as offshore wind farms, energy plants and motorway upgrades as we continue into 2017.
Source: UK Construction Media