Sector - Commercial

Housing marches onwards

The latest edition of the Economic & Construction Market Review from industry analysts Barbour ABI has been released, showing the spring weather reviving the industry.

Once again housing is king, with the residential sector proving particularly positive in March, seeing some £1.8Bn in contracts awarded – almost one third of the total contracts awarded. These figures show an 8.3% increase, with the number of units also increasing by 2.1% from February.

Following residential was the commercial & retail sector with a 16.1% share and then hotel, leisure & sport with a 13.6% share.

According to the report, March saw the total value of construction contracts awarded at £5.3Bn, which is a 1.2% decrease on February but is 0.6% higher than March 2018.

Of the notable projects awarded, the top slot went to the £120M industrial contract, Symmetry Park Project at Morton Park Way in Darlington. This development will see ISG Retail provide a new distribution facility with project completion due in July 2019.

The largest residential contract was the £100M Ten Broadway development at the New Scotland Yard in London, which will see Multiplex Construction Europe Limited deliver a total of 246 luxury apartments in a 20-storey building.

Download the full report here: