Industrial construction value hits £500m mark
Published: 23 February, 2015
The industrial construction sector saw the total value of its contracts increase by over 38% in January compared to December, according to the latest figures from Barbour ABI’s Economic Construction Market Review.
The data, released on 20 February, also shows that industrial construction in January 2015 rose above the £500m barrier based on a three-month rolling average, compared to £362m recorded in January 2014. This is an encouraging sign for a sector that has already performed relatively well over the last 12 months, having experienced a 26% increase for year-on-year growth in 2014.
The North West was the region with the highest value of industrial activity in January, contributing to 36% of contracts awarded.
Michael Dall, lead economist at Barbour ABI, said: “In the three months to January, the total value of contracts for industrial construction was £1.2bn – almost 18% higher than the previous three months. Whilst a large portion of the value is from two major North West contracts, it is nevertheless encouraging, with the sector likely to expand as we move further into 2015.”
“The total value of industrial projects reaching the advanced planning stage in 2014 was £6.4bn – an increase of over 50% on 2013, indicating a bright future for the sector.”