THE value of construction projects in the UK has rocketed by 67.1 per cent in the last year, according to a new report.
New project contracts awarded in December 2013 totalled £6 billion, compared to £3.6 billion in the same month in 2012. The infrastructure sector proved to be an area of significant growth, with the total value of projects awarded reaching £2.2 billion, a 10.6 per cent increase from November 2013.
These figures, taken from Barbour ABI’s Economic & Construction Market Review, highlight sustained growth in the residential construction sector, which continues to be boosted by initiatives such as the Help to Buy scheme.
The total contract value for December in this sector grew by 88.2 per cent year-on-year.
Michael Dall, lead economist at Barbour ABI, said, “Residential construction remained strong throughout the latter half of 2013 and has truly spurred on the growth of the industry.”
The Review is compiled from Barbour’s records of construction data for every UK planning application, and key indicators such as the ONS Construction New Orders data.