The second quarter of 2017 has been a mixture of good news and bad news for construction professionals. With surges in some areas of the industry and decline in others, it’s difficult to predict for sure how the rest of this year will transpire. However, one thing is for certain, the UK economy – for the second quarter at least, is solid. In fact, we’ve seen considerable growth. And with that in mind, we’d like to share some ‘constructive’ news.
£5.5 billion in New Contracts
Barbour ABI reported that the month of June saw a rebound in construction levels with new contract values of £5.5 billion – an increase of 12.4% from May 2017. What’s more, the number of UK construction projects within June increased by 38.7% on May - 18.9% higher than June last year
Construction Activity Rises
As part of a mid-year forecast, Glenigan is predicting a 1% rise for the remainder of 2017 on the value of new projects. And a further 2% increase for 2018. According to the report, capital expenditure has increased since the EU referendum, and public spending is on the up due to the outcome of General Election. A spokesperson for Glenigan said: “Political uncertainty and doubts over the Brexit negotiations will inevitably take their toll on the industry’s prospects for the coming two years. The good news is that overall activity across the industry is set to continue expanding.”
Social Housing Surge
Figures from the National House-Building Council show that registrations to build affordable housing rocketed by 32% between March and May 2017. This means that the number of planned affordable housing units is at its highest level for six years.
30% Boost in Industrial Contracts
Following an unstable start to the year, June 2017 saw industrial contracts increase by a whopping 30%. The value on contracts was £508 million - 7.8% above last year’s figure for June. The East Midlands came out on top as the region with the highest value of activity for June, with the £150 million Prologis Park Pineham project as its highest value contract.
So, while there is no doubt that it’s been a challenging time for the UK construction industry of late, it’s not all doom and gloom. Brexit, Grenfell and post-election uncertainty have taken its toll, but as we prepare to enter the final quarter of 2017, it’s impossible to deny the positives.
Even More Good News …
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