The recently published Economic & Construction Market Review - focusing on the previous 12 months, paints a rosy picture for the East Midlands region with the area coming top in construction contracts awarded for March 2017.
Collated and conducted by Barbour ABI, this important market insight gives us a true indication of the health of the entire industry, with breakdowns for each key sector.
The East Midlands dominated infrastructure contracts in March, accounting for 58.8% of the value awarded, a large increase on its share of 3.2% in March 2016.
Stats were propped up by the awarding of the contract for the East Midlands Gateway rail freight interchange. The region was boosted by the highest value contract awarded in March 2017.
Valued at a £558 million, this intermodal freight terminal will include warehousing, new rail and road access, and all associated infrastructure, providing a much needed boost to the area.
Construction is planned to complement the infrastructure at the region’s growing international transport hub: the East Midlands airport.
Another high value contract was also awarded in the region in March, the Spalding Energy Expansion Gas Turbine in Lincolnshire.
The facility’s designed to produce 300MW of energy and has an estimated value of £450m. The Turbine is set to create approximately 1,500 direct and indirect construction jobs and apprenticeships..
Increased Area Investment
Buoying the region further still was the significant increase in contract values in the Leisure and Sport industries.
February of 2017 saw the East Midlands awarded a staggering 58% of all UK leisure sector contracts. An increase of 2.4% upon the record set in February 2016, this will be music to the ears of the region's Quantity Surveyors, Engineers, and Planners, as confidence in the region grows.
This increase in investment proves worldwide clients are queuing up to invest in Britain, even in a post-Brexit landscape.
Contracts in the Hotel, Leisure and Sport sectors totalled £736 million across the UK. It’s clear that the entire region is set to receive a huge boost from a vast portion of construction industry spending.
Chesterfield will see the region’s largest development with the £400 million Peak Resort, which boasts a golf course, eco dome, hotel, leisure facilities and 250 holiday lodge. With no other construction contract awarded over the value of £1 million, the Peak Resort is set to be the jewel in the crown of the East Midlands region.
Enhanced Future Prospects
It’s clear that there’s a positive outlook for the East Midlands, and we still have plenty of vacancies to fill.
Take a look at the opportunities for quantity surveyors, estimators, project managers and engineers, and get in touch if you have these skill sets. To make sure you're in with a chance, get a copy of your up-to-date CV to Maxim Recruitment, and keep an eye on our jobs pages.
Recruitment Director, UK & Hong Kong