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Infrastructure thwarts construction as slump continued in February

Infrastructure thwarts construction as slump continued in February



After a volatile 2017 and a poor start in January, February has not fared much better for the construction industry, with the value of new contracts awarded at £4.9 billion, which is 24 per cent lower than at the same time last year.

The latest edition of the Economic & Construction Market Review from industry analysts Barbour ABI highlights levels of construction contract values awarded across Great Britain. Residential housing dominated the construction sector across February with a total contract value of £2.1 billion, its highest figure for six months. Conversely, infrastructure contract value decreased by 48 per cent compared with last month - even with the largest overall project in February being the £350 million Hinkley Point C.

Outside of the Hinkley Point project, the three biggest projects in February were all London based, the £196 million 1 Triton Square office project, a £110 million residential development named the ‘Perfume Factory’ and The Minories Estate redevelopment worth £100 million.

Commenting on the figures, Michael Dall, Lead Economist at Barbour ABI, said: “Whilst the slide in Infrastructure is disappointing, it is encouraging to see the increases in value for the majority of the construction sectors, particularly commercial & retail, which was in the midst of a three month slump. With uncertainty surrounding the industry and economy in general, improvements in various sectors should instil confidence, despite the overall figure being subdued.”

Find out more on our Transport and Infrastructure Hub.

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