Construction Contracts Increase by 50%

Construction Contracts Increase by 50%Construction Contracts Increase by 50% PR Newswire CHESTER, England, November 21, 2013 • Overall figures for construction activity grew by around 50 per cent in October compared to this time last year • October 2013 saw a 16.1 per cent rise in housebuilding from September 2013 • Economists warn that growth must be sustained before construction is officially 'back on track' The value of contracts awarded in the UK's construction sector grew by almost 50% in October 2013 compared to the same period in 2012, according to the findings of a new report. A sharp rise in the total value of activity saw figures reach £5.7 billion - a 9.7 per cent increase in one month alone. These latest figures, taken from Barbour ABI's Economic and Construction Market Review, also highlight marked growth in the UK's residential construction sub-sector which grew by 16.1 per cent last month compared to September 2013. A significant proportion of this growth was from developer led projects, a sign of increasing confidence within the sector as Government schemes such as 'Help to Buy' continue to make an impact. While confirming the residential sector as the current shining star of the industry, the report also emphasises positive 'green shoots' in other sub- sectors. Industrial in particular posted a positive October, with this area doubling the value of activity compared to the corresponding month in 2012.