Maintenance sector ‘generates £55 billion a year’, says research
According to new research from the Building Cost Information Service (BCIS), the building maintenance sector generates around £55 billion a year for the national economy.
Their findings show that more than £1 billion a week is spent on the upkeep of existing building stock. And the study, which also looked at how maintenance relates to the overall value of buildings, found that this works out at over 3% of the UK’s total Gross Domestic Product (GDP).
Published in the BCIS Economic Significance of Maintenance Report, the research involved analysing all available data on the cost of looking after existing building stock.
It examined information from the Office for National Statistics on construction maintenance output, how much householders spend on DIY and maintenance and made an estimate on the productivity of direct labour working in the private sector. The findings show that together with cleaning and energy bills, which can often be as costly as maintenance itself, the total spend on upkeep comes in at
According to the figures, the amount spent on keeping stock in a good condition is actually falling, despite the fact that its year-on-year value is rising. It is thought that this could be explained by owners and developers renovating their properties in the 20 years before the survey and thinking more about a building’s longevity in the construction stage.