August commercial & retail construction contracts close to doubling 2013 figure
The total value of commercial & retail construction contracts in August almost doubled compared to the same month in 2013, according to figures released yesterday.
Barbour ABI, the chosen provider of the UK Government’s Construction and Infrastructure Pipeline, has published its latest Economic & Construction Market Review, which shows that the value of commercial & retail construction contracts totalled more than £870 million in August, a 95.8 per cent increase on the same month last year and 17.4 per cent higher than July.
The report, available to download here, also shows that the sector accounted for nearly a third (26 per cent) of the total value of all construction contracts UK-wide, with more than half of these (54 per cent) awarded in London.
On the findings of the report, Michael Dall, lead economist at Barbour ABI, said: “Commercial & retail construction has seen a real resurgence recently. This is mainly due to big ticket projects in London and further afield, such as the £420m contract for 10 Fenchurch Street and £100m commercial developments in Branston, Staffordshire and Botley, Oxfordshire respectively.
“Once again, offices were the dominant type of project in the sector, accounting for 71 per cent of the value of contracts awarded in August, with general retailing at 23 per cent. Looking ahead, the sector should continue to prosper as long as the Capital remains an attractive proposition for investors.”
The Economic & Construction Market Review is a monthly report designed to give valuable insight into UK construction industry performance. It is compiled from Barbour ABI’s records of construction data for every UK planning application, and key indicators, such as the Office for National Statistics’ Construction New Orders data.