Construction contract awards rise by 11% to £5.1bn in July
It’ll come as no surprise that the Advantage Home Construction Insurance team takes a keen interest in the construction industry! And regular readers of our blog will know that we’ve been following everything from construction salaries to house price fluctuations to social housing targets as we near (yet another) Brexit-related deadline.
Earlier this month we wrote that surveyors were reporting that construction output is growing as ‘Brexit fatigue’ sets in.
In related news, we learnt a few days ago that the value of all construction contract awards in July 2019 was £5.1bn based on a three-month rolling average, 11% higher than July 2018, according to recent research.
As reported by Developlent Finance Today: In the latest edition of the Economic & Construction Market Review, industry analysts Barbour ABI revealed that total construction contract awards were valued at £15.3bn in the three-month period ending July 2019, an increase of 14% on the previous quarter.
Other highlights from the research included:
- Contract awards in July totalled 1,011, an increase of 38.5% on June and a 3.7% rise compared with July 2018
- London was the leading region for contract awards in July with a 32.1% value share
- The residential sector accounted for the largest share of contract awards in July (39.9%), followed by commercial and retail (16%) and the industrial sector (13.6%)
Tom Hall, chief economist at Barbour ABI, said:
“The planning pipeline continues to defy recent negative economic news. Over the next three months, we will be rolling steadily towards the Brexit deadline, which may impact figures as uncertainty once again sets in.”
For more construction-related blogs, please pay a visit to our regularly updated news page.
You may also enjoy: Advantage’s key take-aways from the Land Registry’s Annual Report.
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The value of all construction contract awards in July 2019 was £5.1bn based on a three-month rolling average, 11% higher than July 2018, according to recent research.
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