The recent Economic & Construction Market Review by Barbour ABI, has revealed that during August, the number of new construction projects saw an increase of 20% with residential work helping to create the majority of these contracts last month and accounting for £2.7 billion – the highest recorded figure since Barbour ABI started its reviews.
Data also showed that it was London that reported the highest value project last month, which was for 1 Park Place and the Wembley Park residential development.
Michael Dall, lead economist at Barbour ABI, commented on the latest review, “The construction sector can once again be thankful for the strong showing of the residential sector, which provided £1.8 billion more than any other sector in August, along with an increase of 55 per cent compared with August 2016.
“It is encouraging to see the number of projects increasing steadily, particularly the larger projects from the commercial and retail sector. However a lack of investment in infrastructure across August and for the most part of 2017 is not encouraging, as we haven’t seen many major projects come to fruition, especially after it was highlighted as a Government priority earlier in the year.”