LONDON, June 20, 2014 /PRNewswire/ --
New figures released today reveal that the North East accounted for a quarter of the total value of UK infrastructure construction contracts in May.
Barbour ABI, which supplies construction data to the Office for National Statistics (ONS), Cabinet Office and Treasury, has published its latest Economic & Construction Market Review which shows that the value of infrastructure construction contracts in the North East totalled more than £284 million in May. This accounts for 25.8 per cent of the overall contracts awarded for the sector UK-wide, an increase of 23.9 per cent on the same month last year.
The report, available to download here, makes interesting reading for the infrastructure sector in the UK. The value of projects in May, totalling £1.1 billion based on a three-month rolling average, is up 6.8 per cent on April but 22.8 per cent lower than May 2013.
On the findings of the report, Michael Dall, lead economist at Barbour ABI, commented: "May was another great month for infrastructure construction in the North East, largely attributable to the Port of Tyne expansion project awarded this month with a contract value of £180 million.
"Big utilities projects, such as the Port of Tyne expansion, dominated the UK infrastructure sector this month, accounting for 43 per cent of the total value of contracts awarded.
"Boosted by a financial update to the National infrastructure Plan in this year's Budget, this type of construction looks set to prosper in the North East over the coming years."
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.
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 industry data and indicators for Government bodies including the Office for National Statistics and the UK Government's Construction and Infrastructure Pipeline, which outlines 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.
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.
SOURCE Barbour ABI