Sector growth great news for Construction and Oil and Gas Contractors
According to a preliminary estimate of Gross Domestic Product (GDP) growth by the Office of National Statistics (ONS), the UK economy grew by a faster-than-expected 0.8% in the third quarter of 2010. Construction contractors should benefit directly as construction activity delayed from earlier in the year is fuelling growth. Indirectly, with manufacturing output also increasing by 1%, a recovering economy will present more opportunities for the wider contracting sector.
Meanwhile, a boom in North Sea exploration licenses is also good news for oil & gas contractors. In its latest round of licensing for oil and gas exploration in the North Sea, the Department of Energy and Climate Change (DECC) has awarded 83 exploration companies licenses to extract oil and gas from 192 North Sea blocks. Ongoing exploration and extraction of new oil and gas reserves will create new opportunities for a range of contractor disciplines, including oil & gas, offshore, IT and engineering.