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Contractors and Limited company owners trading in the construction industry will be pleased to hear that the sector is set for a 7% rise in new projects.
Recent findings from construction intelligence providers, Genigan, have predicted a 7.4% increase in project starts during 2014.
The Glenigan report, ‘2014 Mid Year Construction Review and Forecast’, has indicated an upturn in construction activity, with growth improving by 4% since the beginning of the year.
Glenigan recorded a 10% rise in the value of projects starting on site during the first half of 2014, largely driven by increases in private housing, industrial and commercial building projects.
According to the construction intelligence providers, work volumes will continue to pick up across these sectors through the latter half of the year.
Allan Wilén, Economics Director at Glenigan, said, “The industry’s forward pipeline points to sustained output growth during the second half of the year and into 2015.
“Renewed consumer confidence and the accompanying revival in the general housing market have emerged as key growth drivers for both construction activity and the wider economy.”
He added, “The pre-construction pipeline also remains firm. Having grown by 19% over the last two years, the value of projects securing detailed planning approval during the first six months of 2014 was unchanged on a year ago, supported in particular by strong growth in private housing projects.
“We expect rising private sector investment and improved consumer confidence to underpin further growth in both detailed planning approvals and project starts during the second half of 2014.”
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