The latest edition of the Economic & Construction Market Review from industry analysts Barbour ABI has been released, showing the value of contracts awarded in February rise.
The residential sector looks particularly positive with an upturn of 13.1% from January, some £1.7Bn, in contracts awarded during February. Residential unit numbers also increased – up by 5.4% on January at 9,850 units.
Housing and infrastructure have been leading the pack for a while now, proving to be two of the few bright spots in the construction sector over the last year, and February’s figures continue this trend, with infrastructure holding a 13.9% market share. Education follows at a 12.3% share.
The latest release shows the total value of construction contracts awarded in February 2019 was £5.4Bn a 0.5% decrease on January, but 10.6% higher than February 2018.
The largest contract awarded during February was the £250M redevelopment of Chelsea Barracks, where Multiplex Construction Europe will create a total of 88 residential units in a single five-storey structure. The largest infrastructure contract was the £110M redevelopment of the former Royal London Hospital site in Tower Hamlets to provide a new civic centre and council offices. While the redevelopment and extension of the Darwin Building for the University of Edinburgh, took the top spot in Education at £90M.