New Construction research report from Timetric is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 05/05/2014 -- The UK construction industry showed signs of recovery towards the end of 2013. The industry underwent a difficult period during much of 2012, revealing how fragile the recovery actually was. However, in 2013, production increased by 1.3%, and was up by 4.3% annually in the fourth quarter of the year. This growth was supported by government investments in infrastructure and affordable housing schemes. The industry is expected to record a forecast-period (2014-2018) compound annual growth rate (CAGR) of 4.20%.
- Infrastructure investment remains a key strategy to supporting economic growth. In the 2014 budget, the government announced plans for a new garden city, with 15,000 homes for Ebbsfleet in Kent. In the 2013 budget, the government announced various measures to support infrastructure construction.
- Economic improvements and a declining unemployment rate are expected to support demand in the residential construction market. To increase the affordability of housing and support residential construction, the government announced the creation of a 'Help to Buy Scheme' (HTBS) in its 2013 budget. The first component of this scheme, which launched in April 2013, was the 'Help to Buy: equity loan', where the purchasers of newly-built homes would be granted interest-free government loans of up to 20%.
- In a bid to support the economy and create jobs, the UK government launched the National Infrastructure Plan (NIP) in 2010. The plan was subsequently updated in 2011, 2012 and 2013, and outlines a pipeline of 646 infrastructure projects to be implemented across the country. An estimated investment of GBP377.0 billion (US$585.7 billion) will be needed to implement the NIP.
- The residential construction market will be supported by government-led affordable housing projects. In January 2014, the UK government announced its plan to construct 165,000 affordable houses across the country by 2018. An estimated investment of GBP23.0 billion (US$36.2 billion) will be needed to implement the plan. The plan also aims to attract private investment to finance the project.
- Due to the increasing demand for air travel from both domestic and international passengers, several new airport concessions are being considered by the government. Accordingly, in a bid to reduce air traffic congestion and enhance the airport's passenger handling capacity, a GBP4.0 billion (US$6.3 billion) expansion project was completed at London Heathrow airport in 2012. Moreover, Birmingham International Airport Ltd (BIAL), in collaboration with the UK Airports Commission, is planning to undertake a major expansion.
View Full Report Details and Table of Contents
This report provides a comprehensive analysis of the construction industry in the UK. It provides:
- Historical (2009-2013) and forecast (2014-2018) valuations of the construction industry in the UK using construction output and value-add methods
Companies Mentioned in this Report: Balfour Beatty plc, Network Rail Ltd, AMEC plc, Subsea 7 SA, Laing O'Rourke plc
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