LONDON, November 20, 2014 /PRNewswire/ --
Figures released today (20 November) reveal that the value of commercial & retail construction contracts awarded in October reached its highest level in two years.
(Photo: http://photos.prnewswire.com/prnh/20140620/693498 )
Barbour ABI, which is a chosen provider of construction data to the Office for National Statistics (ONS) and the Government, has published its latest Economic & Construction Market Review revealing that the value of commercial & retail construction contracts totalled more than £1.2 billion in October based on a three month rolling average, a 15.9 per cent increase on September and 74.7 per cent higher than October 2013.
The report also shows that the sector accounted for 16 per cent of the total value of all construction contracts UK-wide, with more than a quarter (25.3 per cent) of these awarded in London.
Michael Dall, lead economist at Barbour ABI, commented: "The value of construction contracts awarded in the commercial & retail sector in October rose to its highest level since 2012, which is hugely encouraging for the wider industry.
"It's no surprise that London was the main location of activity in the sector this month with 25.3 per cent of the value of all contracts awarded, largely due to the £80 million office development on 4 Kingdom Street, Paddington, the mixed use development at North Wharf Gardens, also in Paddington, worth £65 million and the Charter Place complex in Watford valued at £25 million.
"Offices were once again the dominant type of project in the sector, accounting for 68 per cent of the value of contracts awarded in October, with general retailing the other significant category at 23 per cent of contract award value."
The Economic & Construction Market Review is a monthly report designed to give valuable insight into UK construction industry performance. It is compiled from Barbour ABI's records of construction data for every UK planning application, and key indicators, such as the Office for National Statistics' Construction New Orders data.
Watch Michael Dall interview Noble Francis, economics director at the Construction Products Association, about this month's ECMR:
https://www.youtube.com/watch?v=mAcNsoLUmzI&list=UU-eUKEHpDQYeoR-8QApLPqA
About Barbour ABI:
Barbour ABI is a leading provider of construction intelligence services. With a team of in-house research specialists and a dedicated lead economist, it provides commercially relevant insight and unique analysis of trends and developments within the building and construction industry.
Barbour ABI is the chosen provider of Construction New Orders data to the Office for National Statistics and the Government's Construction and Infrastructure Pipeline, outlining future construction and infrastructure projects where public funding is agreed. Barbour ABI also provides data for independent organisations, such as the Construction Products Association.
Barbour ABI is part of global events-led marketing services and communications company, UBM, and is headquartered in Cheshire Oaks, Cheshire.
For more information, go to http://www.barbour-abi.com or follow us on Twitter @BarbourABI for all the latest construction data news.
About UBM:
UBM helps businesses do business, bringing the world's buyers and sellers together at events and online, as well as producing and distributing news and specialist content. Its 5,500 staff in more than 30 countries are organised into expert teams which serve commercial and professional communities, helping them to do business and their markets to work effectively and efficiently.
For more information, go to http://www.ubm.com or follow us on Twitter at @UBM_plc for all the latest UBM corporate news.
Notes to editors:
Press enquiries to:
Jo Hart or Ryan Gibson at Tangerine PR
e: jo.hart@tangerinepr.com / ryan.gibson@tangerinepr.com
t: +44(0)161-817-6600 f: +44(0)161-817-6601
Share this article