LONDON, July 2, 2014 /PRNewswire/ --
Plans detailing billions of pounds worth of proposed construction projects have today been published by the Government, in partnership with construction intelligence specialist Barbour ABI.
At today's Government Construction Summit, the Rt Hon Vince Cable MP, Secretary of State for Business, Innovation and Skills, announced that the pipeline of future Government construction opportunities is £116 billion as published today. The information, collated by Barbour ABI, reveals upcoming public projects, with the intention of providing firms of all sizes the forward notice and information they need to invest in the relevant skills, labour and capabilities to win contracts.
Michael Dall, lead economist at Barbour ABI, commented: "These latest figures represent a huge boost to the UK construction industry.
"Hopefully the Government pipeline will help to increase optimism across the industry, which was strongest towards the end of 2013 when output rose at its fastest rate for more than six years. Plans of new projects and significant spend in the infrastructure sector should help to dispel concerns that the industry is becoming too reliant on the housing sector.
"We must also not forget the recent reports of skills shortages affecting the construction industry. With construction jobs accounting for 10 per cent of total employment in the UK, addressing these supply-side constraints is crucial to ensure the long-term health of the industry going forward."
The Government Construction Pipeline can be found at: http://www.uk-cip.org.uk.
The £13 billion increase is calculated by reviewing differences between the December 2013 pipeline (which captures spend from 13/14 onwards) and the July 2014 pipeline (which captures spend from 14/15 onwards.) The value of the December 13 pipeline is £103billion. This represents an £13bn increase in the Pipeline. The values quoted in both Pipelines are nominal with the exception of the rolling stock element of High Speed 2 spend, which has been indexed at 11/12 prices.
About Barbour ABI
Barbour ABI is an expert provider of market intelligence for the Built Environment sector, having a long history in helping the community to grow its business. Its reputation is built and maintained by the in-house team of market researchers who have excellent working relationships with planning authorities and other relevant information providers, including Government departments.
The company was recently appointed by the Office for National Statistics (ONS) to provide Construction New Orders data, a key indicator of the health of the Built Environment industry for the UK economy. Last year, the firm was appointed to collate, maintain and publish the UK Government's Construction and Infrastructure Pipeline, the forward programme of publicly-funded construction. Barbour ABI also produces the CPA/Barbour ABI Index monthly alongside the Construction Products Association (CPA), and is the chosen data provider for the CPA Forecasting Panel.
Barbour ABI is part of UBM. UBM plc is a global events-led marketing services and communications company. We help 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. Our 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.
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SOURCE Barbour ABI