Construction on the up 7.4% says Glenigan
Latest figures from Glenigan, a construction industry specialist, forecast a 7.4% rise in construction activity over 2014.
Its 2014 Mid-Year Construction Review and Forecast also predicts a growth in construction targets – with figures revised upwards from 4% earlier this year. In addition, output during the first four months of 2014 climbed 6.2% from a year earlier to £38.7 billion.
The housing market in particular is looking healthy, with private housing projects set for a 14% rise – with UK developers beginning £10.5 billion of housing developments this year, as government efforts to stimulate home-buying boosts demand. Office project starts are also forecast to increase by 9%.
Discussing the findings, Allen Wilén, Glenigan’s economics director, said: “Renewed consumer confidence and the accompanying revival in the general housing market have emerged as key growth drivers for both construction activity and the wider economy.”
He added: “We expect rising private sector investment and improved consumer confidence to underpin further growth in both detailed planning approvals and project starts during the second half of 2014.”