THE total value of UK construction contract awards in June was £2.2 billion based on a three-month rolling average, signalling an ‘improvement’ in conditions.
The stats were revealed in the latest edition of the Economic & Construction Market Review from industry analysts Barbour ABI.
Compared to May, the figure is down by 9.2% and is also 57.3% lower than June 2019. However, contract award numbers in June increased by 81.4% to 477.
The residential sector dominated the share of contract awards with a total of 33.9%. The largest project awarded for June was the Gatwick Airport railway station refurbishment, valued at £150 million.
Tom Hall, chief economist at Barbour ABI and AMA Research said, “The UK economy plateaued in May as the easing of some lockdown restrictions mid-way through the month failed to significantly increase output. In-month GDP growth was 1.8% after the 20% contraction in April.
“With the outcome underwhelming compared to city economists’ expectations of 5.5% growth, output remains 25% down compared to February. June’s figures published next month will give a better understanding of how quickly lost output can be regained as larger parts of the economy resumed activity.”
