HOUSEBUILDING GROWTH LIKELY TO CONTINUE IN 2017
According to the latest edition of the Economic and Construction Market Review - after an unpredictable year for the UK economy the value of contract in the construction sector still managed to reach a healthy £70 billion – even though it was a drop of 5% compared to 2015.
In the report it said that housebuilding continued to grow in the UK for the majority of 2016 with the total value of construction contract reaching £23.6 billion – which is a year-on-year increase of 11%.
The total value of housebuilding projects also increased throughout the year with those projects in the advanced planning stage worth £49.8 billion, an increase of 19.2% on 2015.
Barbour ABI, who produce the review, commented that “It is clear from our yearly figures that the housebuilding sector was the main component of growth across 2016. Even after the initial shock of the Brexit vote, where many housebuilders' share prices fell in excess of 20%, this did not hamper activity with both the current and future pipelines of work remaining strong.”
It was also said that 2017 would be difficult to predict with so much major political activity ahead and this may or may not have implication for the construction industry.
Posted: 30/03/2017
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